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tribune. 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Safurday-Sunday, December 17-18, 1994 


\'0. 34.774 


HolyRo w Breaks Out 
In Israeli Parliament 


Remark on Biblical King David’s Mores 
Causes Modern-Day Trouble for Peres 


% 




■S 


By Clyde Haberman 

New York Tima Service 

JERUSALEM — These are rough 
tunes for the bibUcal King David in £s 
capital, Jerusalem. But because of David 
and questions about his moral character, 
times could prove eveo rougher For the 
government of Prime Minister Yitzhak 
Rabin. 

The government faces a motion of no- 
confidence brought by several religious 
and rightist parties aTter Foreign Minis- 
ter Shimon Peres said during a parlia- 
mentary debate that he disapproved of 
some things that King David had done. 
Specifically, Mr. Petes objected to Da- 
vid’s conquest of other peoples and his 
seduction of a married woman, Bathshe- 
ba, whose husband he sent to his death. 
Outraged Orthodox lawmakers 


screamed at the foreign minister. “Shut 
un *" shouted Avraham ° *>*"*■» " f •*— 


if. 


Ravin of the 
Fnited Torah Judaim party. “You will 
not give out grades to King David!” A 
fellow party member, Avraham Ver- 
diger, flew into such an apoplectic rage 
that he had to be treated for high blood 
pressure in the Parliament infirmary. 

Israeli reporters who cover Parliament 
said that Mr. Penes apparently had not 
expected matters to get so out of hand, 
and he later made a stab at damage 
control, saying in a statement that he had 
not intended to denigrate David or hurt 
anyone’s feelings. But the no-confidence 
motion was already on the table. 

Mr. Rabin has not commanded an 
automatic parliamentary majority in al- 
most a year, and the David dispute will 
hardly endear him to Shas, a religious 
party that walked out of his governing 
coalition and that he is desperately ury- 
ing to woo back. Without a dear sugor- 
ity, the prime minister has repeatedly 
said, he feds constrained on the conces- 
sions he can make in peace talks with the 
Palestinians and Syria. 

The latest squabbling also underlines 
the frictions that bedevil relations be- 
tween secular and religious forces here. 
Some ardently Orthodox rabbis said on 
Thursday that they would convene the 


Council of Torah Sages to discuss the 
“deviant behavior" of some cabinet min- 
isters, including Mr. Rabin, who suppos- 
edly ate nonkoshcr food in public on a 
trip to Japan this week. 

it is not the first such dispute. 

Last year. Orthodox lawmakers were 
beside themselves when Yael Dayan, a 
Labor member and daughter of the late 
Moshe Dayan, suggested in Parliament 
that David was gay. She read aloud from 
2 Samuel 1:26. in which David mourns 
the death of Jonathan, son of King Saul. 
“Very pleasant hast thou been unto me." 
he says. “Thy love to me was wonderful, 
passing the love of women." 

This time, the fighting began when 
Mr. Peres defended himself against 
rightist attacks on the Nobel Peace Prize 
that he shared last weekend with Mr. 
Rabin and Yasser Arafat, the Palestinian 
leader. Offering his definition of Juda- 
ism, the foreign minister said it did not 
include “occupation and ruling over an- 
other people." 

Shaul Gutman, a member of the far- 
right Moledet Party, shouted: “Joshua 
conquered this land, and King David did 
as well!" 

To which Mr. Peres replied: "Not ev- 
erything that King David did, on the 
ground, on the roofs, is acceptable to a 
Jew or is something 1 like ” His reference 
was to Chapter II of 2 Samuel which 
tells how David watched from his roof- 
top as the married Baihsheba bathed, 
and admired her beauty. He seduced her, 
got her pregnant and sent her husband, 
Uriah the Hittite, off to a battle in which 
he intended him to be killed. 

Some Orthodox lawmakers called the 
remarks “a disgrace.” in the newspaper 
Yedioth Ahronoth on Thursday. Rabbi 
Yohanan Fried, head of the Education 
Ministry’s Torah Culture Department, 
said David was holy, and therefore “the 
rabbis say that whoever says that King 
David sinned does nothing but err." 

The final verse of Chapter 11 states 
unequivocally: “The thing that David 
had dome displeased the Lord/' 



Emufiev/Agcnce France- Preur 

Major General Ivan Babichev giving assurances Friday to Chechen women who stood in die way of tits troops’ advance. 


China Gets Draconian on Dissidents Again 


Compiled ty Our Staff From Dispatcher 

BEIJING — A Chinese court passed the 
harshest sentences against political dissi- 
dents in several years on Friday, jailing 
nine people for terms ranging from 3 to 20 
yeare. 

The sentences were among the heaviest 
meted out to political dissidents since the 
nationwide purge that followed the violent 
suppression of student-led pro-democracy 
demonstrations at Tiananmen Square on 
June 4, 1989. 


Most of the 15 were arrested in the 
summer of 1992 for joining one of three 
underground dissident groups, writing and 


printing political leaflets and planning to 
lira anniversa- 


dis tribute them before the thirc 
ty of the June 4 military crackdown. 

Robin Monro, the Hong Kong director 
of Human Rights Watch/ Asia, said the 
sentences were “appallingly severe." 

“They were all entirely peaceful dissi- 
dents dedicated to working within the 
law," she said. “The severe level of the 


sentencing says, ‘Don’t even think of en- 
gaging in even peaceful dissent’ ” 

She added that the sentences showed 
that there was no evidence for the argu- 
ment used by Western governments and 
businesses that contacts with China and 
increased economic reform would lead to a 
better human rights record and greater 
tolerance for political dissent 

A diplomat said, “Perhaps they are 


See CHINA, Page 4 


Clinton’s Budget and Tax Flip-Flop: It’s All About a 2d Term 


By David E. Rosenbaum 

New York Tima Service 

WASHINGTON — For the first two years of his 
presidency, BUI Clinton insisted that reducing the 
federal budget deficit was his highest calling. Now he 
has reversed course. 

What is most important is not the details of what he 
proposed on Thursday sight: a variety of tax breaks 
designed mostly for their political appeal and a seem- 
ingly pain-free method of raising the revenue to pay 
for them. 


The Republican Congress is no more irkely v a 
this president's budget offering than rrv Ovnu. : 


NEWS ANALYSE 


Rather than try to persuade the public that the 
deficit is a corrosive force that must be brought under 
control to keep it from eating away at economic roots, 


were likely to accept President George 


a view held by most economists but few politicians, 
Mr. Clinton has 


Much more significant is what the measures say 
about how the president is positioning himself ideo- 
logically lor his next two years in office and his race 
for re-election. 


opted for the course Republicans 
have followed for years. 

For him, as well as for his political opponents, 
lowering the deficit will play second fiddle to lowering 
taxes. 

The Republicans who will be controlling Congress 
beginning next year have promised to pass a constitu- 


tional amendment requiring a balanced budget by 
early in the next century, but they have given no 
indication whatsoever how they intend to accomplish 
that. Instead, they have emphasized the handsome tax 
breaks in their script. 

Mr. Clinton's proposals are not so generous, but for 
better or worse, he is on the same stage. 

The president's advisers dispute the notion that he 
has flip-flopped on this issue the way he (fid, for 


See CLINTON, Page 4 


Kiosk 


U.S. Stations Marines 


Off die Somali Coast 


MILDENHALL AIR BABE, Eng- 
land (WP) — T he Pentagon has dis- 
patched several thousand Marines to. 
the waters off Somalia, antuapating.a 
derison by President Bill Omton soon 
to provide cover for withdrawing 
United Nations forces in the next 
month or two, Defense Secretary Wil- 
liam J. Peny said Friday. 

Mr. Peny said he had been consult- 
ing congressional leaders about the 

possible involvement of UA troops in 
Somalia and expected the president to 
make a decision “in the next few 
days" on whether to use American 
forces to aid in the evacuation. 

“We are getting ourselves in a state 
of readiness to do this,” he said- 
U.S. peacekeeping troops pulled 
out of Somalia in March after a mis- 
sion that began as a humanitarian 
effort to facilitate aid deliveries. 


BualiiM/ Finance 

Soar and Phflms proposed a new vid- 
eo compact disk system for natm- 
length movies. 9 * 


Book Review 
Crossword 


Page 7. 

Page 19. 


■B 39 K 9 I ■® 9 ns 5 SII 



Ailing Mitterrand Consulted Philosopher on 6 Afterlife’ 



By Alan Riding 

New York Tima Service 

PARIS —The conversation was dearly 
intended to be private, yet it was hardly 
out of character for President Francois 
Mitterrand to visit a devoutly Catholic 
Fiend philosopher to discuss death. Ail- 
ing with prostate cancer, more than once 
he has addressed bis own approaching 


death in public. 
W-year-d 


liUhtrt TnmwTtae Awnc im d Ptew 


Presideirt with |^to«MlciMerBcri«^iti of Jtalj'oa Friday. 


lot, who disdosejf the meeting of last 
month in the newspaper Liberation on 
Friday, went even further later in the day. 
noting in a radio interview that the presi- 
dent had also confided that his doctors had 
given him no more than six months to live. 

Then,, at a previously scheduled news 
conference, Mr. Mitterrand denied that his 
doctors had made such a forecast “1 do 
not expect such a quick ending,” be said, 
adding softly that, at the age of 79 and 
suffering from “a certain Alness,” it is not 
possible to make long-term plans. 

Yet, since undergoing a new operation 
for cancer last September, he has set him- 
sdf one overriding objective — to com- 
plete his second seven-year term, which 
ends on May 7. And he wants to do so with 
dignity, representing France abroad and 
making his. influence felt at home. 

His courage and determination have in 
tun earned him growing admiration in 


France. Two years ago, his popularity was 
at an all-tuns low, with many French clear- 
ly tired of a man who had been in power 
since 1981. Today, he is mobbed by crowds 
and applauded at public appearances. 

His illness and painful chemotherapy 
treatment have left their mark. He has lost 
much of his hair, he is thinner and walks 
slowly. But he is as alert as ever, switching 
effortlessly from discussing complex Euro- 
pean issues to mischievous remarks about 
French politics. 

And he remains very much in evidence. 
Friday, he flew to Aix-en-Provence to meet 
Italy’s prune minister, Silvio Berlusconi. 
Earlier this month, he attended a summit 
meeting of the Conference on Security and 
Cooperation in Europe in Hungary and a 
European Union summit meeting in Ger- 
many. 

As much as Mr. Mitterrand the politi- 
cian, though, it is Mr. Mitterrand the man 
who intrigues many French. Even after 
they have known him for 20 years as an 
opposition leader and 13 years as presi- 
dent, he remains a figure of mystery. His 
public battle against death is therefore all 
the more gripping. 

It is Mr. Mitterrand's declared atheism 
and hisphilosophicaJ bent that have made 
many French so curious to know his pri- 


See CANCER, Page 4 


Tragedy Spurs Nepal to Consider a Limit on Daring 


By John F. Bums 

New York Times SerOn 


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KATMANDU, Nepal — “On themounUtin, joy and 
sorrow are dose companions,” said Fritz Man. “Fate 
decreed this time that the oulcome wouldbe sorrow." 

Mr. Mare, a former president of the German Alpine 
Federation, was speaking at a 'memorial service for 1 1 
mountain cijmbers who fdl to their deaths in central 
Nepal in -November in one of Himalayan mountaineer- 
ings worst accidents. ■ 

Nine of the dead were Germans. 

The accident, in the Annapurna raime, gave new 
ffiomeotifoi to a growing debate here: How can this 
mquntain kingdom, once so jealous of its borders that 
tourist; were banned until 1955, begin tightening con- 
trols tin the thousands of foreign climbers and trekkers 
who cone here every year? 

Until now, the government has set few limits, partly 
berauK climbing and trekking are a $20&miflion-*-ycar 


business in a country that is one of the poorest in the 
world. 

But to many here, die deaths of aB II climbers on a 
single expedition —besides the Germans, a Swiss and a 
Nepalese shspa died— sounded a. new wanting about 
the risks, of allowing foreigners to tackle the world’s 
highest mountains with xmnimal cmnrols. . 

“You have to be careful not to take the challenge 
away, because that's what mountaineering is all about,” 
said Pertemba, 46, a mountaineer who has climbed 
Mount Everest three times. 

Bui Pertemba ~r be follows the Sberpa tradition of 
uf mg only one name — believes the tune has come for 
new limits, to curb the dangers to climbers as wdl as to 
protect Nepal’s environment 

Many of the restrictions imposed in recent years, 

E anteukrly on Everest expeditions, have been aimed at 
miting the amount of garbage that has accumulated cm 
the mountains. - 


Restrictions could have wide repercussions. Nepal has 
8 of the world’s 10 highest mountains. Each year, about 
900 mountaineers, mostly from Europe, Japan and the 
United States, visit Nepal to climb these “expedition 
peaks." 

About 40,000 other viators climb at least the lower 
slopes of dozens of lesser mountains known as “trekking 

After the November accident, Pertemba was appoint- 
ed by the Nepal Mountaineering Association, a group 
with ties to tire government, to investigate what caused 
the II climbers to die mi Mount Pisans, a 6.066-meter 
(19, 980-foot) trekking peak. 

The Pisang accident was the worst in Nepal since 
' 1972, when 15 climbers, including 10 Sherpas, died in 
two days on Mount Manaslu, also in the Annapurna 


range. 


Guides who retrieved the bodies concluded that all 11 
See NEPAL, Page 4 


A’ 

t 


General Vows 


To Advance 


No Farther 


In Chechnya 


Moscow Is Confronted 
With Threat of Mutiny 
By a Top Commander 


By Lee Hockstader 

Washington Pair Service 

GROZNY, Russia — The Russian gen- 
eral who leads a third of the forces ordered 
to attack the secessionist region of Chech- 
nya said Friday that he would refuse to 
advance any farther, ao matter what or- 
ders he received from his superiors. 

In an astonishing public display of in- 
subordination, Major General Ivan Babi- 
chev said be would not launch an assault 
on Chechen civilians, a move he said 
would violate the Russian Constitution. 
He suggested he was ready to be court- 
martialed for his decision. ~ 

“They can condemn us." the general 
told hundreds of Chechen civilians and a 
number of foreign journalists milling 
about on the road about 40 kilometers (25 
miles) west of the Chechen capital. Groz- 
ny, where thousands of Russian troops and 
hundreds of tanks and armored vehicles 
are deployed. “But we are not going to use 
tanks against the people." 

Middle-aged and elderly Chechen wom- 
en responded by weeping with joy. em- 
bracing the general and patting him an the 
back. The women, along with several hun- 
dred praying and chanting men, have been 
standing in the middle of the road to keep 
the R ussians at bay for the last several 
days. 

The general's statement, along with sim- 
ilar remarks by a colonel who accompa- 
nied him, amounted to toe temporary col- 


lapse of one of three armored thrusts into 
Cnechnv 


iechnya unleashed by the Russians at 
dawn Sunday. 

It is a further sign that toe Russians, 
who have already encountered political 
and public opposition at home to their 
campaign to bring Chechnya to bed, may 
be wavering in toe face of a final, and 


probably bloody, assault on Grozny. 

that 


Of toe three armored columns that at- 
tacked Chechnya on Sunday, only one, 
from tbs north, has dosed in on Grozny, 
despite statements from Moscow that the 
troops intend to encircle and seal off the 
city. The column advancing from the east 
seems to have petered out. General Babi- 
chev’s force to the west has not budged 
since Tuesday. 

The Kremlin insists that Chechnya, a 
tiny, mountainous region 1,600 kilometers 
southeast of Moscow, give up its arms and 
acknowledge Russia's sovereignty. The 
Chechens, who have coexisted uneasily 
with Russia since they were conquered 
after decades of fighting is the 19th centu- 
ry, declared their independence in 1991 
and have refused to recognize Moscow’s 
rule. 

President Boris N. Yeltsin has set four 
deadlines in toe last three weeks for the 
Chechens to lay down toeir arms. The 
latest one expires at midnight Saturday. 
Both sides expressed willingness Friday to 
resume peace talks. The talks broke off 
Wednesday. 

On the Russian side, Prime Minister 
Viktor S. Chernomyrdin said Friday that 
he would inset the Chechen leader, Dzho- 
kar Dudayev, anywhere Mr. Dudayev 


See CHECHNYA, Page 4 


Bonn Edges 
Toward Aiding 
Bosnia Rescue 


By Craig R. Whitney 

New York Tima Service 

BONN — Germany said Friday 
that it would probably provide logisti- 
cal assistance and combat air cover, 
but not ground troops, in toe event of 
a withdrawal of United Nations 
peacekeeping forces from Bosnia. 

No decision has beat made yet to 
pull out the UN Protection Force, 
nearly half of whose 24,000 troops are 
provided by France and Britain. 

Contributing countries, which do 
not include Germany, will meet in The 
Hague next week with officers of the 
NATO alliance to discuss a French 
proposal to make toe force less vulner- 
able to coercion from the Bosnian 
Serbs and other warring parties. 



dui ax war pre umro aty soundings be- 
tween Chancellor Helmut Kohrs co- 
alition and toe Soaal Democratic op- 
position, Mr, Kofal made a tentative 
co mmi t m e n t to sending German pi- 
tots into combat beyond the country’s 
borders for the first time since World 
if the North wS-S 
Organization asked for <h»m . y 

“If it comes to a withdrawal, Ger- 
many wifi show solidarity " said For- 
ogn Minister Hans KinkeL “Germa- 

222S?52!£5!1! S *** 0 * those who 

SMsasssssa 

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res® tment there of the German inva- 
sion durum the war. mva 

But, Defense Minister Volker Rtihe 

See GERMANS, Page 4 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, DECEMBER 17-18, 1994 



A Battered Major 
Admits Bad Result 


And Calls for Unity 


CAMBRIDGE, England — 
Prime Minister John Major, 
whose ruling Conservative Par- 
ly has been humiliated in 
a pa rliam entary election, con- 
ceded on Friday it was a poor 
result and uiged his bickering 
party to reunite. 

In the biggest swing from the 
Conservatives to the Labor Par- 
ty since 1935, Graham POstles 
on Thursday won less than a 
fifth of the votes in the central 
England seat of Dudley West, 
which had been held by Mr. 
Major's party for 15 years. 

Voters swept Labor candi- 
date lan Pearson to victory, in- 
dicating they were disillusioned 
by Conservative splits over Eu- 
rope, tax rises and allegations of 
sleaze in the Major government 

Only 7,706 people voted for 
the ruling party compared with 
34,729 at the April 1 992 general 
election. Labor’s vote held 
Steady at 28,400. 

Mr. Major, visiting a factory 
here, said: “It was a very poor 
result, but I think some good 
will come out of it.” 

“People within the party 
must now realize they must pull 
together towards the same end 
for the good of the country.” 

The Conservatives hope eco- 
nomic recovery will bring vot- 
ers around by the time the next 
general election is called, some 
time before mid- 1997. 

The Conservatives' loss of 
the Dudley seat follows the 
ejection of eight Conservative 
legislators from the parliamen- 
tary party two weeks ago for 
refusing to back Mr. Major in a 
vote over increasing Britain's 
payments to the European 
Union, which he had declared a 
matter of confidence. A ninth 
resigned. 

Defeat in Dudley reduced the 
overall majority of elected Con- 
servatives. including the rebels, 
to 13. In practice, Mr. Major 
has to hope for support from 
the rebels or rely on nine law- 
makers from a Northern Ire- 
land regional party. 

Dudley was the first parlia- 
mentary by-election since Tony 
Blair took over as Labor leader 
in July. 


Mr. Blair said the victory 
showed the Conservative agen- 
da of the 1980s had run its 
course and people were turning 
to Labor for new ideas. The 
Conservatives have been in 
power 15 years. 

“It’s an extraordinary vic- 
tory” he said. “It’s a devastat- 
ing defeat for the government. 
It is a test, not just of how 
unpopular and discredited the 
government are, but also a test 
of ‘new Labor.' ” 


The 29 percent swing to La- 
bor was the biggest since 1935, 
when Labor won a seat in Liv- 
erpool on a 30 percent swing in 
a freak result after the interven- 
tion of a high-profile candidate 
running as an Independent 
Conservative. 

The minority liberal Demo- 
crats, who have won three by- 
elections since the last general 
election, fared poorly at Dud- 

(Reuters, AP) 



THIS WAY, GENTLEMEN — A UJS. soldier explaining to World War H veterans on Friday the procedur e for the 
50th anniversary commemoration of the Battle of the Bulge at the memorial to Allied forces in Bastogne, Bdgram. 


Scrap the Stasi Files? The Man in Charge Says No 


By Stephen Kinzer 

New York 77ma Service 

FRANKFURT AN DER ODER, Germany —The 
man in charge of all the files left by the East German 
secret police has strongly rejected suggestions that 
they be destroyed or sealed. 

vfe are hearing appeals for an approach to the past 
which reminds us of West Germany in the 1950s,” the 
official, Joachim Gauck, said here. “The total silence 
about Nazi crimes in those years created one genera- 
tion that refused to face the truth and another that 
struck out with excessive violence against the rule of 
law. We don’t want this to happen again . 

“Instead of taking the easy path of nostalgia, we 
must confront difficult tr uths ,” Mr. Gauck said. 
“There can be no peace without honestly and maturely 
confronting the past.” 

Mr. Gauck, a Protestant clergyman from the eastern 
part of the country, spoke after a public opinion 
survey said 57 percent of the people in the former East 
Germany favor dosing the secret police tiles. 

As Communist rule was collapsing in 1989 and 


tional and national head- 


1990, protesters occupied rcgioi 
quarters of the secret police, known as the Stasi. Some 


SS 


ies were destroyed, out an enormous archive was left 


behind on the surveillance system that Stasi ran on its 
citizens using 91,000 agents and 173,000 part-time 
informers. 

At first there was great enthusiasm for probing the 
means of Stasi repression and condemning the perpe- 
trators. But with many eastern Germans having lost 
jobs after their Stasi backgrounds emerged, some now 
rvrmp 1 n?n Tha t Stasi files are being used to persecute 
them. 

“We have to put an end to this discrimination 
against eastern Germans,” said Manfred Stolpe, gov- 
ernor of the eastern state of Brandenburg and a former 
Stasi collaborator. “In individual cases, people should 
have access to witnesses and documents. Beyond that, 
the relevance of all of it is questionable.” 

Mr. Stdpe’s political success makes him a striking 
example of bow a former collaborator can overcome 
his pasL Stasi files show that when Mr. Stolpe was a 
senior official of East Germany’s Lutheran church, he 
worked with the secret police, informing on private 
conversations and even secretly receiving a medal for 
distinguished service. 

But other politici ans disagree with Mr. Stolpe and 
think the files must be kept open. 

“I can understand the psychological motivation 


behind wanting it to end," Rita Sdssmuth, president of 
the German Parliament, said in Berlin this week. “But 


we also know that the past cannot be pushed aside. 
What we repress and lie about always returns to us ” 
An exhibition showing how the Stasi operated in 
one part of East Germany opened last week in Frank- 
furt an der Oder, which lies across the Oder River from 
Poland. 



Italian Given Fisheries Post 

Rouen 


FBI Investigates Sabotage of 747s at JFK 


BRUSSELS — Emma Bon- 
ino, an Italian nominee to the 
new European Commission 
that takes office in January, will 
be in charge of European Union 
fisheries policy, a commission 
spokesman said on Friday. 


Complied by Our Staff From Dispatches 

NEW YORK — Federal offi- 
cials are investigating the sabo- 
tage of Tower Air’s jumbo jets 
— most likely by someone with 
easy access to the planes, feder- 
al and company officials said 
on Friday. 


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INTERNATIONAL 


The sabotage in early No- 
vember at New York City’s 
John F. Kennedy International 
Airport involved cutting wires 
inside the cockpit panels of five 
Boeing 747s and was done by 
someone knowledgeable about 
the craft, the airline said. 

A sixth incident, in late Octo- 
ber, also appears suspicious in 
retrospect, said Morris Nach- 
tomi, Tower’s chairman and 
chief executive. 

The New York-based airline, 
which has scheduled flights to 
Israel, Europe. South America 
and India, in addition to do- 
mestic service, said that it had 


tightened security and that 
there had been no new incidents 
in five weeks. 


Twenty passengers who can- 
celed flights Friday died safety 
concerns stemming from the 
wire-cutting incidents, said Tim 
Metz, an airline spokesman. An 
average of 2,500 people fly 
Tower each day. 

Mr. Nacbtomi and federal 
officials said they had not pin- 
pointed a suspect. But Mr. 
Nachtomi said it might have 
been an employee who has since 
lost his job in a round of season- 
al layoffs. 


The sabotage was discovered 
after Tower crews received false 
readings from cockpit instru- 
ments during preflight checks 
and had mechanics examine the 
craft. 

“In each suspidous instance, 
the cuts were detected during 
Tower’s routine preflighi 
checks, and the safety of 
Tower’s passengers was not 
compromised in any way,” Mr. 
Nachtomi said. 

Mr. Metz noted that there 
were backup systems to make 
up for damaged controls. 

(Reuters, AP) 


Ghunnel 
Vows No 
Price TSfor 


Safety Issues Halt Dozens of Flights, 
Causing Holiday Travel ‘Mess’ in U.S. 


Reuter* 


CHICAGO — Safety worries 
grounded dozens of commercial 
airline flights across the United 
States on Friday, disrupting 
Christmas travel for an uneasy 
crash-consdous public. 

“It’s a mess,” said a man at 
O’Hare International Airport, 
where American Eagle sus- 
pended all commuter opera- 
tions to Midwest dties for the 
second time in less than a week. 

With a number of crashes 
giving the industry its worst 
safety record in six years, and 
planes already booked solid by 
a combination of cheap fares 
and holiday trip-taking, travel- 
ers also had to contend with the 
suspension of all American Ea- 
gle operations at O’Hare and 
some at John F. Kennedy Inter- 
national Airport in New York. 

The move came after pilots 
said they needed better training 
for cold weather flights. 

At the same time. Kiwi Inter- 
national Airlines suspended all 
service after the Federal Avia- 
tion Administration questioned 
its record-keeping on the train- 
ing of pilots. Passengers in At- 


lanta, Chicago, Newark, New 
Jersey, San Juan, Puerto Rico, 
and Orlando, Tampa and West 
Palm Beach in Fiona were sent 
scrambling to other carriers. 

After two American Eagle 
crashes within five weeks killed 
a total of 83 people, some trav- 
elers have chosen to use rental 
cars rather than take short-hop 
flights in small planes. 

At O’Hare, American Eagle 
passengers arriving at the 
world’s busiest airport were bo 
; sent to other airlines. 

company said it had 
" all flights from O’Hare 
until Jan. 4 because representa- 
tives of the Allied Pilots Associ- 
ation had questioned the level 
of cold-weather t rainin g for pi- 
lots recently assigned to operate 
out of Chicago and New York. 

Some pilots had been de- 
ployed to those dties from 
warmer areas to fly Swedish- 
built Saab 340 aircraft The 
Saabs were brought in to re- 
place French-ItaH an ATR-42 
and ATR-72 aircraft that the 
Federal Aviation Administra- 
tion has ordered grounded dur- 
ing icing conditions. 


■ Red Tape to Fly Through 

Small airliners cannot be 
brought under safety rules that 
cover larger craft until at least 
next fall. The Associated Press 
reported freon Washington. 

The U.S. secretary of trans- 
portation, Federico F. Pena, 
called Wednesday for the rules 
on large planes to be extended 
to smaller commuter carriers 
within 100 days. 

The new rules will be pub- 
lished in the Federal Register in 
March and should be in effect 
within six months after that, 
said the head of the Federal 
Aviation Administration, Da- 
vid R. Hinson. 

The step will extend the cur- 
rent large-plane rules to all 
scheduled carriers with 10 or 
more seats. Currently planes 
with 31 or more seats fly under 
stricter rules than the smaller 
commuter carriers. 

Under the stricter rules, 
flight crews of smaller planes 
will work fewer hours and get 
more help from dispatchers. 
There also will be changes in 
equipment and inspections for 
some aircraft. 


Confuted be Our Staff From Dapatdtes 

LONDON — Eurotun- 
jid, the operator of the 
Channel Tunnel, set fares 
for its shuttle passenger ser- 
vice on Friday and said it 
was avoiding a price war 
with its ferry company ri- 
vals. 

“Le Shuttle” services, 
which will begin on Thurs- 
day, will compete with fer- 
ries sailing between Dover 
and Calms. 


The fares, which Euro- 
tunnel describes as a “spe- 
cial promotion,” will apply 
until March when peak- 
season prices will be an- 
nounced. 

A same-day round trip 
will cost £49 (S73) for a 
carload of people and a 
five-day return ticket will 
be £75, Eurotunnel said. A 
fully flexible round trip 
ticket costs £136. 


Current off-season ferry 
fares range from £20 round 
trip for a day trip to £138 
for a fully flexible round 
trip ticket for a car and 
eight passengers. 


The shuttle passenger 
service joins a shuttle 
freight service, the Eurostar 
inter-city train service, ran 
by French, British and Bel- 
gian national railroads. 

The group said that until 
early January there would 
be 26 departures a day, one 
every hour in each direction 
from eight o’clock in the 
morning to eight in the eve- 
ning. 

In early January the ser- 
vice wiD operate on a 24- 
hour basis. Until the end of 
March passengers will have 
to reserve in advance. 

(Reuters, AP) 


WORLD BRIEFS 


U.K. to Order U S. Military p lan^ ' 

that would co* 

nearly twice as much. „ ^ British Aerospace: had' 

Trade Secregiy M^ Future Lkrge Air- 

argued that Britan-should buy the ^ 

craft, which Bntam Aerospace ^^^xdcheed would damage 

^^AirFc^and^M^of^tad^ 
ie government xo order _the bv 1996, the 


the government to order Ute ^ “^ 7 ^ 1996 , £ 
military transporters because they will be * *““*2 fleeL 
deadline for replacing half of Bntam s.aging Hercul ^ ; 

Europeans Approve Particle Collider 

fiFNEVA (Reuters) — Officials from 19 European states gave 

33SS5. 

together to recreate conditions one millionth of . 

Soond after the Big Bang that is thought to have created the 

universe. 



88 Held in Money-Laundering Sweep' 

WASHINGTON (Reuters) — Law enforcement officials sa&\ 
j u nA t 4 ?? million in dm£ monCVi DrOKCHa T 


WASHINLflUiN iiteuiers; — jl*w ~*iK*a**&m « 

Friday that they had seized $52 million in drug money, brokeitfa r| 
major money-launderinfi artwork of . 


-and 


major money-iaunaeraig 

found direct links between the Italian Mafia and the Cah .dr^ .- 
ring in Colombia. 

A two-year investigation, called Operation Dmera, resuuea nj 
seizures of nine tons of cocaine in the United States and Canada; 
seizure of $52 million and the arrests of 88 people, the offiaafe- 
said at a news conference. The seizures included paintings by 
Rubens, Picasso and Reynolds. 

TIP mtA +K<a nvAf 


cameras or microphones. There is also a large watering 
can with a cam era set into its base. It was used by 
agents posing as cemetery workers so they could re- 
cord who came to visit the graves of people considered 
enemies of the state. 

Stasi agents m Frankfurt an der Oder, who were 
responsible for monitoring about 700,000 people, left 
behind files that fill more than 8 kilometers (5 miles) of 
shelves. One of their targets. Reter Rompf, who ran a 
private salon at which a group of friends met to discuss 


U.S. officials praised the work of counterparts m Italy, spar 
Canada and Britain, and said they were ready to use the same 
of border-spanning tactics, including use of a bank in the West 
Indies as a front, to catch more cri min a ls . ■ -=- f:~; ■ 


France Cuts Candidates’ Spending 

.. . . v 1__ CJJihi */v 




political and cultural issues, said his Stasi file, which 
he 1 


bag been given, weighs 27 kilograms (about 60 
pounds). 

“I knew they were watching me,” he said, “but I had 
no idea they went into ibis amount of d e t ai l.” 


PARIS (AP) — The National Assembly voted Friday to dgi 
by 30 percent the amount of money presidential candidates apj' 
allowed to spend on their campaigns. ; :T. ' 

The bill, which already has won preliminary Senate approval, 
would lower the spending limit for candidates in the first round of 
voting from 128 milli on francs ($24 million) to 90 millions francs. 
The rating for the two candidates who reach the runoff wouid oe 
120 minion francs, down from 171 million francs. 

On Thursday, the assembly approved a bill baiting businesses 
from financing election campaigns and political parties- TTre 
deputies also voted to make ineligible for election for five years 
any politician convicted of corruption or influence-pe ddlin g . 


World Bank Proposes a Vitamin Plan 

nil nrmrm’AM /n V inv — C l: ..nlil U. .miuI 


WASHINGTON (Reuters) — Millions of. lives could besaved 
relatively simple step, ensuring that 


through a low-cost and raouvaj -buujmb »inuim (s um 
everyone gets enough of three common vitamins and minerals, the 
World Bank said Friday. . - 

About 2 billion people around the world remain at risk from 
deficiencies of vitamin A, Iodine and iron, a World Bank rep.*,; 
yrid More than a billion are already ill or disabled by^ these 
deficiencies, whidi can cause mental retardation, learning disabfl- 
ities. low work capacity and blindness- the report estimated. - 
The economic costs of these nutritional deficiencies ran ad d up 
to as much as 5 percent of a country* jf gross domestic product in 
terms of lost lives, disabilities, and productivity. Fortifying food 
and water with vitamins and min erals would cost only 0-3 percent 
of GDP, adding up to $1 billion a year, the report said. 


For the Record 


The war crimes trial in Ethiopia of leaders of the former Marxist 
regime was adjourned Friday for three months to give the defense 
more time to prepare (AP) 


TRAVEL UPDATE 


Tokyo Is Twice as Costly as New York; 


LONDON (AFP) — Tokyo and Osaka arc the world’s most 
expensive dties, where the cost of living is twice that of New Yoric, 
the latest six-month survey from the Economist Intelligence Unit 
showed. , . ‘ 

Paris is the most expensive dty in the European Union, with 
Lisbon the cheapest, but Zurich is the most expensive dty i$ 
Europe, said the study, which compares 120 dties waridwide.iThe 
Japanese dties are much more expensive than the European ones, 
with a 7!-point gap between Tokyo and Zurich. { 

Taking New York as a base index of 100, Tokyo comes in at 
211, Osaka 195, Zurich 140, and Oslo 137. Tripoli, Libya, comes ifi 
at 181. Hong Kong, which six months ago was 11th in the 
rankings, has slipped to 16th with a rating of 113. Moscow rates 
1 14, London 1 10, Berlin 1 1 1, Paris 128, Milan 101, and Prague 57, 
South America’s most expensive dty is Buenos Aires, while 1-flgon 
leads West African dties and Johannesburg the Southern Africa^ 
ones. Bombay and New Delhi have succeeded Harare, Zimbabwe, 
and Tehran as the world’s cheapest business locations. ‘ 


Armed police wifi no longer patrol the slopes at the Snowmass M 

snrt in rnlrtraHn tlv Acnon Clninn «... t-i . fW 



made sense to have a police presence. ~ (aP) 

Airlines are bracing for severe flight dESnqttion on Saturday, 
when thousands of people plan to blockade Sydney airport for 
four and a half hours to protest aircraft noise. (AFPj 

Kiwi International Air lines is booking its passengers onto other 
earners since indefinitely suspending its 42 daily flights after UJS. 
government questions about pilot training records. “Our rcservar 
dons office is arranging for other carriers to take everyone,” a 
spokesman said in Newark, New Jersey. (At) 

Pollution Jeveb shot past the danger level in Mexico City tins 
past week. Ozone levels hit 244 points on a 500-point scale in the 
southwestern part of the cily and 200 points in the center. Any 
reading over 200 points is considered dangerous. (AP) 


To call from country to country, or to the U.S., dial the WorldPhone® number of the country you're calling from 

M n mum Uffu MIlArn Minil. DWJVI) M .. — ...wv-i — 


(Available from public card phones only.) #2 


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Relations 


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182 
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999002 
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Mexico*. 

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800- MD 1800 62*1 
600-624 
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95400-674-7000 
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001-800-950-1022 


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(Outside of Managua, did 
Norway) CCJ* 

Panama 
Military Bases 
Paraguay*. 

Pern (Outside Of Lima, dial 
Pol end! CO 
PartugaH Cd 
Puerto Rkoica 

Qatar! ca. 

Romaninca* 

RusmiCCh 
S an Marino) CD* 

Saudi Arabia 
Slovak Reputi Be) CO 
South Alricaico 


02 first.) 


166 
800-19912 
108 
2B10-108 
008 - 11-800 
190 first) 001-190 
0T-01 -04-800-222 
06 - 017-1234 
1-800-888-8000 
0800-012-77 
01-800-1800 
8V10-800-4 97-7222 
172-1022 
1-800-11 
00-42-000112 
0800-99-0011 


Spain) CO 
SwadenfCQ* 

SwhzertancflCa* 

Syria LCD 

Trfnfdad ft Tobago 

Turkey* 
lftrabie+ 

United Arab Emirates 

United KhagdomlCC) 

To call the US. using ST 0800-89-6222? 

To call the U& using MERCURY 0500-89-0222 t 

To call anywhere other than the UJS, 0500-800-800 
Uru 9 UB V (Coflaa not available.) 000-412 

US; Virgin UandtCCQ 1-600-888-6000 

Vatican QtylCa 17*1022 

Venezuela** 800-1114-0 


900-&0014. 

020-795-922 

155-0222 

0600 

(Special Phones. OnW 
00-8001-1177 
8V1MM 
800-111. 



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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 17-18, 1994 


THEAMERICAS/ 


Page 3 




its 




Clinton Swings to the Middle 




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Tax Reduction Game Gains Another Runner 

T*_ • _ 


By Ann Devroy 

New >W Times Svnue 


- «JSfe 

H— ' loo* ® 


, Washington - Presi 

Jg" Bin Clinton has propoS 
bc tails a “middles 
,bdj of rights m m address^ 

"^Bch he pleaded for a grater 


ST.-E?^ “mmurn.v 


k'gher incomes, ending at in- 
comes of 575,000. 

The plan would also allow 
middlc-'income families lo de- 
duct up to 510,000 per year in 
tuition for college or other edu- 
cation after high school. That 


d 5 rotor nationalpotitics 
addressing the country’s 


v*. 


The president 
insisted that his 


m addressing 

probl ems 

Mr. Clinton, seeking to re- 

•&SSS h * proposals had 

sShTsssssa? rE*-*** 

address Thursday night P°“ UC8 Orhis 

Sss own future, and that 
campaign themes, dabs of his- 1118 agenda had 
'fnotivation on his pan ^ political nothing to do with 

•\m Id ®” nou “cin$ his proposal. && re-election. 

'Mr. Clinton became the latest 

leader to join in what has be- 
come a tax-cut competition 
auroiig Democrats and the Re- 
publicans who take control of 
{ -Congress next month and who 
» _ran on a tax-cuuing agenda. 

" The Clinton proposal was a 
jnix of $60 billion worth of 
credits and deductions, mainly 


deduction would begin to phase 


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. -gao® ‘ '.A - 
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. .j phase 
out at incomes of S 100.000 a 
year and would be eliminated at 
incomes of 5120,000 per year. 

The third dement in the lax 
cut would be an expansion of 
individual retirement accounts 
flRAs). 


t .. the tax-deferred ac- 

Tor families with young children c<:)Unti sow available to middle- 
xjt children in college. It would lower-income Americans 
be paid for by deep cuts in five *? r retirement savings. Under 


be pai 

federal departments and agen- 
cies, and by extending for two 
years, until 2000, a freeze on 
-discretionary domestic spend- 
•ing. 

Although Mr. Clinton did 
not detail the plan in his ad- 
dress, senior officials said three 
separate tax reductions pro- 
posed include a 5500-pcr-child 
tax credit for families with chil- 
,dren under age 1 3 whose adjust- 
ed income was under 560,000. 
.The credit would phase out at 


the plan, individuals earning up 
to S100,000 could defer taxes cm 
up to $2,000, which could be 
withdrawn for a broader range 
of uses, including buying a 
home, catastrophic illnesses 
and caring for a parent 


Officials said Mr. Clinton 
bad signed off on $76 billion in 
savings over five years to pay 
for the tax cuts, with major pro- 
gram consolidations, elimina- 
tions and cutbacks in five de- 
partments and agencies: 


Housing and Urban Develop- 
ment, Energy, Transportation, 
the General Services Adminis- 
tration and the Office of Per- 
sonnel Management. 

The program cuts would pro- 
duce $24 billion. An additional 
$52 billion would come from 
extending the freeze on discre- 
tionaiy spending. That freeze 
prevents increases on all spend- 
ing under congressional control 
that is not required by Jaw to 
increase, such as Social Security 
retirement benefits and interest 
on the national debt 

Mr. Clinton also proposed 
what would be a major move in 
any normal year, a sweeping 
reorganization of federal job re- 
training programs that includes 
abolishing 60 such separate 
programs and instead giving 
vouchers of $2000 to $3000 to 
those who qualify to gel train- 
ing at private facilities. 

Delivering die Republican 
response. Senator Fred D. 
Thompson of Tennessee sug- 
gested that Mr. Clinton’s pro- 
posals were a belated response 
to the election returns. Mr. 
Thompson said that Mr. Clin- 
ton, during his first two years in 
office, M tried to put a bunch of 
government bureaucrats in 
charge of your health care” and 
did not favor tax cuts until two 
weeks ago, after Republicans 
led the charge on that issue. 

In contrast, he said. Republi- 
cans had already started deliv- 
ering on the promises that pro- 
pelled them to victory last 
month, including cutting the 
size of the congressional staff 
and preparing early action on 
issues like the balanced-budget 
amendment and reducing fed- 
eral burdens on states. 



POLITICAL NOTES 


Clinton’s Spokeswoman Quits 


WASHINGTON — Dec Dec Mjers. the 
first woman to serve as White House press 
secretary, said Friday that said she was re- 
signing her post at the end of the year. 

“It is time for me to move on.” Ms. Myers 
told reporters who had gathered in her office. 
She said that she had recched several job 
offers but had not decided which one she 
would accept. 

Asked about reports that she had been 
pressured to leave amid complaints that Pres- 
ident Bill Clinton had been unable to com- 
municate his message eflcctn ely. Ms. Myers 
said: ’‘Cm neither jumping nor being 
pushed.” 

Mr. Clinton's chief of staff. Leon E. Panet- 
ta. tried earlier this year to replace Ms. Myers 
as purl of a staff overhaul. i Reuters > 


Details of the incident surfaced this week 
after commission auditors challenged the 
payment, which was identified in campaign 
records only as a confidential “settlement" 
for unspecified consulting work. 

As a result of the commission’s ruling, the 
campaign committee will have to repay about 
S9.675 m federal matching funds that were 
applied to the payment. 

When first confronted with the allegation. 
Mr. Watkins denied any wrongdoing. The 
nature of the alleged harassment could not be 
determined. Mr. Watkins ran the administra- 
te e side of the campaign. < H ‘Pi 


The Sleigh Stops on Capitol Hill 


A Setback for Bank Regulators 


WASHINGTON — The Justice Depart- 
ment has sided with the banking industry 
against the Clinton administration’s banking 
regulators, blocking plans to step up enforce- 
ment of laws aimed at increasing lending in 
poor neighborhoods. 

The official statement of the administra- 
tion’s legal policy does not affect separate 
laws against racial discrimination that the 
Justice Department has vigorously enforced 
this year. But the legal opinion represents 
another blow to President Clinton's 1992 
campaign pledge to make it easier for poor 
people "to borrow money and revive their 
neighborhoods without federal aid. f .V YT i 


Cjrt Cojtktoo Hatter* 

President Clinton reflecting after his Oval Office speech. 


Mr. Clinton insisted that his 
proposals bad nothing to do 
with politics or his own future 
and that his agenda has nothing 
to do with his own re-election. 
His proposals, he said, are “not 
about the election" and are not 
“politics as usuaL” 


And in a closing that mim- 
icked the salutes to American 
character that used to be a sta- 
ple of Ronald Reagan’s speech- 
es, Mr. Clinton spoke of himself 
as a product of the American 
Dream his presidency seeks for 
other Americans. 


1 992 Campaign Funds Misused 


WASHINGTON — The 1992 Clinton 
presidential campaign paid S37.500. some of 
it in federal funds, to settle a sexual harass- 
ment allegation against David Watkins, the 
former head of the White House office of 
administration, who was fired after using a 
presidential helicopter to fly to a golf outing, 
sources familiar with the matter said. 

The Federal Election Commission refused 
to allow federal matching funds to be used 
for the payment to settle the allegations, 
made during the presidential campaign. 


WASHINGTON — Playing Santa Claus 
to Congress, two package delivery workers 
cruised the corridors of the House office 
building this week, pushing oversized carts 
piled high with presents from lobbyists. 

In the Senate office building next door, 
another messenger loaded with gourmet fruit 
baskets was hopping from office to office to 
drop them off. 

So what is the thoughtful lobbyist giving to 
members of Congress' this holiday season? 

From Ralph Vinovich of the Tobacco In- 
stitute. it’s u hefty box of gourmet oranges 
and grapefruits for the Senate Republican 
cloakroom. RJR Nabisco has shipped in 
hundreds of w ooden casks laden with cook- 
ies. crackers and other munchies made by the 
company. The United Transportation Union 
is distributing pewter serving plates. And the 
Recording Industry of America has sent dou- 
ble-compact disc sets of Barbra Streisand's 
concert at Madison Square Garden. 

Members of Congress and aides are al- 
lowed to accept gifts valued at up S250. For 
anything more than that, a waiver must be 
obtained from the ethics committee. (API 


Quote/Unquote 


Haley Barbour, the national chairman of 
the Republican Party, on Clinton plans for a 
middle-class tax cut: “When you look at what 
President Clinton has done in the last two 
years, this is a 180-degree turn.” ( Reuters ) 


Supreme Court Christmas Party Withstands Challenges 


By Joan Biskupic 

tVotldngion Post Service 

j WASHINGTON — Nearly every year, the 
Supreme Court hears challenges to local gov- 
~ eminent practices that may endorse religion, 
from school prayer to whether cities can erect 
Nativity scenes. 

And every year the court puts up its own 
-j 25-foot Christmas tree, plays carols for visi- 
, • tors and holds a Christinas party. 

Complaints come annually, too — from 
law clerks, a few visitors and, in the past, 
individual justices. But Chief Justice William 
V ~ H. Rebnquist has stood firm, resisting pleas 
to rename the party a nonsectarian “holiday” 
affair, to drop the carols or to move the trig 
tree to a less prominent position. 

“So any ldd touring Washington cannot see 


the courtroom without having to negotiate his 
way around the tree and without hearing 
Christian music,” a former law clerk said. “It 
is inconsistent with the impartiality that the 
court needs to show.” 


Amendment's required separation of church 
and state. 


The floor- to-ceiling fir stands in the Great 
Hall leading to the courtroom. Decorated 
with colored lights, dozens of ball ornaments 
and tinsel, it is a spectacular sight, especially 
when approached from the marble front steps 
that visitors use. 


Over the years the court has narrowly voted 
to allow secular Christmas symbols in public 
buildings. In 1984, the justices allowed a 
Nativity scene in a city-owned park in Paw- 
tucket, Rhode Island because it was part of a 
larger display that included Santa Claus, rein- 
deer and snowmen. 


At the staff party. Justice Rehnquist leads a 
group in songs such as “The First Nod" and 
’‘Silent Night,” as well as old favorites, such 
as “Ain't She Sweet" and “Tm Forever Blow- 
ing Bubbles.” 

Few of the party’s critics contend that the 
tree or such festivities violate the First 


In 1989 thty ruled against a Nativity scene 
in a courthouse in Allegheny County, Penn- 
sylvania, that was unadorned by secular sym- 
bols. At the same time, however, they allowed 
a Hanukkah menorah paired with a Christ- 
mas tree at a government building a block 
away from the Nativity scene. 

Yet a small group of justices’ law clerks say 
that while the court’s own practice may be 


constitutional, it is not right. “Even if the 
court has the legitimate authority to do it,” a 
clerk said, “the unelected members of the 
ins lieu lion have no right promoting their reli- 
gious views in a public way.” 

A Supreme Court public information offi- 
cer, speaking for Justice Rehnquist, said the 
tree and festivities were part of a celebration 
going back decades for the benefit of court 
workers. “This is the one time each year that 
the entire court staff has a chance to get 
together and socialize,” the spokeswoman 
said. 

■ For the first time in its history, the court 
has two^ Jewish justices, Ruth Bader Ginsbuig 


and Stephen G. Breyer. Justice Ginsbuig was 


out of the country this week. Justice Breyer, 
who as the junior justice is the official host of 
the party, declined to comment 




AMERICAN 


TOPICS 


Young Doctors Learn 
On Newfy Dead Bodies 

Teaching hospitals sometimes have young 
doctors practice routine medical procedures 
on newly dead bodies — usually without 
permission from the deceased person’s fam- 
ily, according to a survey directed by Dr. 
Jeffrey Bums of the New England Medical 
Optgf and published in the current New 
England Journal of Medicine. 

Researchers sent the survey to 449 training 
programs in adult and child critical care. Of 
the 353 that responded, 39 percent said they 
used the bodies of newly dead people to teach 
medical procedures, and 10 percent said they 
got consent first from families. 

The most common procedure taught this 
way was putting a tube into the windpipe. 
Other procedures include putting needles into 
various organs and dr ain i n g fluid from 

around the heart. • 

Many such procedures are largely taught 
with dummies. However, doctors defending 
the use of dead patients said it is important 
for those learning lifesaving procedures to 
Dractice as well on the human body. 

V Thev say they are reluctant to seek permis- 
sion for this because of the difficulty of ap- 
proaching relatives moments after a patient s 
death. The author of the report. Dr. Bunas, 


said he wrote about the issue because he 
thought it was important to discuss it openly. 


Short Takes 


Two men have pleaded gutty in San Jose, 
California, to poaching butterflies. Theirs is 
the first such federal case on record. The 
d fffrndantg face up to five yean in prison and 
$250,000 in fines for conspiring to violate 
U.S. wildlife laws by netting 2^200 rare but- 
terflies on federal land in 10 states, a U.S. 
attorney said. “We’re not talking about kids 
with their butterfly nets,” he said. “They were 
sifting and trading these species, many of 
which are on the verge of extinction.” Collec- 
tors pay hundreds of dollars for rare butter- 
flies, some protected by the E n d a n g e r ed Spe- 
cies Act and others by international 
convention. 


exercise video tapes are a growth 
indust r y . Jane Fonda produced one of the 
first; she has been followed by such others as 
Zsa Zsa Gabor, Mary Tyler Moore, Angela 
Lansbury and even an animat ed Barbie Doll. 
Jaxmy Scott of The New York Times, “push- 
ing 40 and in passable condition,” sampled 
about 20 celebrity fitness tapes and “came to 
the conclusion they are more about entertain- 
ment than exercise. My sampling suggests 
that the exerciser is more likely than not to get 
a pretty ordinary workout lasting about an 
hour, a pep talk and a few phony confidences 
from a famous person pretending to look him 
or her in the eye.” 


International Herald Tribune. 


Black Caucus Confronts Future 


Defrocked Group Focuses on Cuts Affecting Constituents 


Awav From Politics 


• An accord to protect the water and wfoffife 
of San Francisco Bay and its vast uland ddtt 

has been signed by California and the VS. 

mnnirts that for years 


had divided the region s farmers, , city dweli- 
eS and conservationists. It establish® limits 
tawrouch iUh cm be dwwed 

ftrointhe estuaiy. The aim is to protect encUm- 
acred sped® of fish. J” 11 ' 

m Critical arguments over .'"ho 
whom in thestormy manwge of O. J. and 

Nicole Brown Simpson, an ^, whet ^ f ? e ffi 
should hear anything on the subject, have 


been postponed after lawyers for Mr. 
son asserted that prosecutors had “dumj 
on them an 85-page motion on the issue and 
1,044 pages of related material, denying them 
a dequate time to prepare. Mr. Simpson is 

accused of murdering his wife and a friend of 
hers. (NYT) 

• Ordinances that restrict the movement of 
homeless people and reduce services to help 
them have been approved by a growing num- 
ber of cities in the last year, according to the 
National Law Center on Homeless and Pov- 
erty. (NYT) 


By Kenneth J. Cooper 

Washington Post Service 

WASHINGTON — With 
Republicans taking control of 
Congress, members of the Con- 
gressional Black Caucus stare 
uncertainly at a steep drop from 
the pinnacle of political influ- 
ence they reached in the last 
two years. 

From being a political player 
on major legislation, the Black 
Caucus reverts to being “the 
conscience of the Congress," its 
primary role for most of the 24 
years it has existed, members 
acknowledged. The 41-member 
caucus is trying to come up with 
a defensive strategy to counter 
Republican proposals on tax 
cuts, welfare revisions and oth- 
er issues ol interest to its pre- 
dominantly African-American 
constituencies. 

“They’re going from their 
peak. The 103d Congress was 
their most influential time 
ever,” said David Bositis, a se- 
nior researcher at the Joint Cen- 
ter for Political and Economic 
Studies. “The 104th is really go- 
ing to represent a wholesale 
shift in the way things are 
done.” 

House members in the over- 
whelmingly Democratic caucus 
have lost chairmanships of 
three committees and about 20 
subcommittees, as well as four 
coveted seats on the Ways and 
Means, Appropriations and 
Rules committees. A plan that 
the new Republican majority 
appears determined to imple- 
ment is likely to cost the caucus, 
one of the oldest in Congress, 
its office, staff and budget- 

Meanwhile, a more perma- 
nent threat to Black Caucus 
dout has arisen in the Supreme 
Court, which has agreed to hear 
a Louisiana challenge to a ma- 


jority black district drawn after 
the 1990 census to comply with 
the Voting Rights Act. 

The 1992 elections of 13 
black lawmakers from voting- 
rights districts in Southern and 
border states increased the 
membership of the Black Cau- 
cus about 50 percent and 
helped boost its political influ- 
ence. 

In a farewell news conference 
after two years as Black Caucus 
chairman. Representative 
Kwdsi Mf urne, Democrat of 
Maryland, on Thursday recited 
a long list of legislative accom- 
plishments, ranging from 
crime-prevention and gun-con- 
trol measures to tax breaks for 
the working poor and investors 
in empowerment zones. He de- 
scribed the redis hiding chal- 
lenges filed in Louisiana and 
other Southern states as port of 
a racial backlash. 

To guide the Blade Caucus 
through the next two years of 
Republican control, members 
Wednesday night elected Rep- 
resentative Donald M. Payne, 
Democrat of New Jersey, a low- 
key lawmaker from Newark en- 
tering his fourth term. He drew 
most of his backing from senior 
members accustomed to acting 
as the conscience of Congress, 
while junior lawmakers who see 
themselves more os profession- 
al legislators backed fresh mnn 
Representative Alcee L. Has- 
tings, Democrat of Florida. 


Mr. Payne, 60, has been a 
Black Caucus leader on such 
foreign-policy issues as Haiti, 
Rwanda and U.S. aid to Africa, 
but be declared that domestic 
policy would be his main con- 
cern as the new chairman. 

No Black Caucus members 
have directly experienced Re- 
publican control in Congress. 
And all but three are Demo- 
crats: Republican Representa- 
tive Gary A. Franks of Con- 
necticut and Representative- 
elect J. C. Watts of Oklahoma, 
plus Independent Delegate- 
elect Victor Frazer from the 
Virgin Islands. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 17-18, 1994 



Serb Plays His Best Card: Chaos 

By Inviting Carter, Karadzic Confounds Foes 


By John Pomfret 

Washington Pari Service 

ZAGREB, Croatia — Rado- 
van Karadzic, the leader of the 
Bosnian Serbs, is trying to draw 
former President Jimmy Carter 
toward Bosnia in the diplomat- 
ic equivalent of a Serbian mfli- 


atnong NATO members them- 
selves, between the United 
States and Russia. 

The introduction of a new 
proposal, coupled with the en- 
try into the arena of such a 
prominent American, is bound 
to create opportunities for the 


cation of how desperate it is for 
a solution to the Bosnian war, a 
senior Western diplomat said. 

The results, several analysts 
predict, will be an increasingly 
alienated Bosnian government; 
a Bosnian Serbian "state” em- 
boldened by its ability to deter- 


tary strategy that has proved 
successful throughout the 


32- 


successful throughout 
month Bosnian war. 

Mr. Karadzic, a psychiatrist 
turned nationalist strongman, 
has long sought through force 


NEWS ANALYSIS 


of arms — recently in combat in 
the Bihac pocket — to outpace 
U.S. ana allied diplomacy 
aimed at preserving a unitary 
Bosnian state through negotiat- 
ed peace. 

Because the Bihac confronta- 
tion has not gone as well as his 
army would like, officials here 
say, Mr. Karadzic took the ini- 
tiative this week to kill the latest 
international peace plan using 
peaceful rpr8 ns instead of arms. 

By attempting to draw in the 
former president as internation- 
al mediator, he also has sought 
to introduce his favorite de- 
ment — chaos — into a diplo- 
matic mix that has so far proved 
incapable of ending the war. 
Throughout the conflict, Mr. 
Karadzic has shown himself 
adept at profiting from confu- 
sion and rifts — between the 
United Nations and NATO, 


Serbs to strengthen their hold mine the direction and pace of 
on their already substantial ter- negotiations, and an intema- 
ri tonal gains in Bosnia- tional peace effort more Bal- 

Finally, in inviting Mr. Car- kanizea than the Balkans itself, 

ter to Pale, headquarters of the with at least five entities, in- 

Bosnian Serbs, Mr. Karadzic is eluding Mr. Carter’s conflict 
seeking to boost his position resolution team, tripping over 
awmti g his allies in Serbia prop- one another to end the war. 
er, espedallyvis^-vis Resident Serbian leader made his 

Slobodan MiK*^ the offcr w ^ * dasic 

lerrnmd of Yugosla style — in an interview with 

secession and his rival to lead cnn late Thursday. There he 

the Serbs- . . , listed six promises, including 

Mr. Cartels office m Atlanta f or ^ die pro- 

said Friday that the former tcction of human rights, that he 
president had not made up his he would keep within 24 
mind about a trip to the region honis to ^ ^ stage for the 


after a briefing from Slate 
partment. National Security 
Council and Central Intelli- 
gence Agency officials. 

The mllingness of any of the 
world’s powers to even consider 
Mr. Karadzic’s proposal high- 
lights the grim impasse into 
which international peace ef- 
forts have fallen. While initially 
cool to the idea, the Clinton 
administration agreed to pro- 
vide Mr. Carter transportation. 

That the Clinton administra- 
tion did not consult with the 
Bosnian Muslims over the pro- 
priety of such a move is an in di- 


American’s or try into the Bos- 
nian diplomatic arena. 

But Mr. Karadzic’s vice i 
ident, Nikola Koljevic, tolc 
officials Friday night that the 
Serbs wanted four concessions 
in exchange for keeping the 
promises to Mr. Carter, UN 
sources said. They said these 
included regular flights from 
Sarajevo to Belgrade, more 
food aid, buses from Serbian 
territory to the airport and the 
expulsion of the Bosnian Army 
from a demilitarized zone on 
Mount Igman above Sarajevo. 


GERMANS: Bonn Edges Toward a Role in Bosnia 


Continued from Page 1 
told Parliament Thursday, 
“When it is a question of pro- 
viding protection for French- 
men, Britons and Americans 
who have done so much for our 
freedom, without whom we 
would never have achieved Ger- 
man unity in freedom, anyone 
who refuses this is taking an ax 
to the alliance.” 

A consensus appeared to be 
emerging in Bonn on providing 
air cover for UN troops or relief 
flights into Bosnia, and logisti- 
cal support, to show the allies 
the solidarity they expected. 

Germany's highest court 
ruled last July that the constitu- 
tion did not forbid German 
contributions to NATO extra- 
territorial combat missions at 
the request of the UN, provided 
Parliament approved. 


Mr. Kohl’s coalition was re- 
duced to a 10-seat majority in 
the Oct. 16 elections, and Mr. 
KinkeTs party, the Free Demo- 
crats, came dose to forcing him 
to resign as their leader at a 
convention in Gera early this 
week. The opposition Greens 
party is against any kind of 
combat role for the German 
armed forces, which at 370,000 
are the largest in Europe. 

But influential members of 
the larger opposition Social 
Democratic Party, which has 
had a strong pacifist wing since 
the mid-1980s, have indicated 
that they would back the gov- 
ernment if it answered a UN 
call for help. 

Karsten Voigt, the party’ s de- 
fense spokesman, said that he 
had opposed a NATO request 
late last month for German 
Tornado fighter- bombers to 


help NATO counter the threat 
from Serbian surface-to-air 
missiles around the besieged 
Muslim enclave of Bihac. 

The German Tornados are 
equipped with special electron- 
ics to locate and jam the mis- 
siles' radar guidance system. 

NATO later withdrew that 


request, but asked Bonn again 
eany thi 


this month what it would 
be willing to provide if the UN 
asked the alliance to help the 
UN Protection Force withdraw 
from Bosnia. The government 
said it would send a formal re- 
sponse to NATO on Wednes- 
day. 

“We realize the Germans are 
in a sensitive political situa- 
tion,” one NATO official in 
Brussels said. “The offer will 
probably be accepted with ap- 
preciation." 


CHECHNYAs Russian General Vows to Go No Farther 


Continued from Page 1 
wanted. The Chechen leader, 
who ordered his forces to fall 
back one kilometer from their 
forward portions on Friday, 
has sought high-level talks with 
the Russians. 

The Russian troops who have 
advanced steadily this week 
from the north remained in 
their positions after bombard- 
ing Chechen forces in a village a 
few kilometers north of Grozny 
before dawn. There was heavy 
damage to the village. Pervo- 
maiskoye, from which most, but 
not all, civilians have fled. 

But the most stunning devel- 


opment of the day was what 
amounted to a statement of mu- 
tiny by a senior Russian com- 
mander on the field of battle. 

At around 2 P.M„ General 
Babichev drove the few hun- 
dred meters from the Russian 
position to the Chechen civil- 
ians on the road in a jeep, along 
with an ambulance flying a 
white flag. He was accompa- 
nied by Colonel Gennadi Kan- 
dalin of the 19th Motor Rifle 
Division and another, younger 
officer. 

Surrounded by Chechen ci- 
vilians and journalists near the 
town of Achkoumartan, the 



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general said he would advance 
no farther and would order his 
troops to hold thor fire. 

“If they give an order to 
crush civilians with tanks, it will 
be a criminal order,” he said. 
“A criminal order is not a legiti- 
mate order. I tell you now that 
tanks will not move against you. 
We aren’t going to shoot at 
you.” 

General Babichev said his de- 
cision was in keeping with Mr. 
Yeltsin's previous instructions 
not to inflict civilian casualties. 

His statements constituted 
another heavy political blow 
against the president, who is 
already under intense attack 
from across the ideological 
spectrum for his decision to 
smd troops against Chechnya. 


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PUUp LiafcroiwAgeocr Fnace-Prene 

ALTAR OFFERING —An African National Congress member turning in an assanltjifle to ffieRCTer^d Pet^ 
Storey in a Johannesburg church during a service Friday, which was National ReconcmatKHi Day m »oatn 


Berlusconi 

Calls Plans 


For Ouster 
6 A Swindle’ 


Reuters 

ROM — Prime 
Silvio Berlusconi^ whose 7- 
month-old coalition is fating a 
showdown in Parliament next 


CLINTON: New Flip-Flop Is AH About a 2d Term 


CoutinoedfroiD Page 1 
example, on Haiti and Bosnia- 
Hezzegpvina. 

The advisers say that Mr. 
Clinton has always wanted a 
middle-class tax cut — after all, 
he proposed one during his 
cam paig n — but that reducing 
the deficit had to come first. 

For three straight fiscal 
years, the deficit has fallen. In 
part, that is because of the bud- 
get Mr. din ton pushed through 
Congress last year. The deficit 
is expected to begin to rise once 
more in the fiscal year that be- 
gins next October unless taxes 
are increased or spending is re- 
duced further. The president ig- 
nored that in his speech. 

Presidential assistants insist- 
ed that the tax cuts Mr. Clinton 
was offering would be fully off- 
set by spending redactions. 

Maybe so. But the proposed 
tax breaks were described 
Thursday night with consider- 
able specificity. The spending 
cuts were described only in the 
most general terms. 

No mention was made of re- 
ducing the deficit further in any 
significant way or of steps to 
keep it from rising beginning in 
1996. 

The most unpleasant part of 
the president’s tax proposals — 
that they will be gradually in- 


cussed publicly Thursday night. 
Furthermore, 


they 
iced < 


most of the 
savings in spending — 552 bil- 
lion out of a total of S76 billion 

— would be accomplished with- 
out immediate political pain by 
extending the freeze on discre- 
tionary spending programs 
through the year 2000. 

The freeze has been in effect 
since 1991 and was to have ex- 
pired in 1 998. It has indeed held 
down spending. But the admin- 
istration is not saying winch 
programs axe in line for cuts in 
1999 and 2000 to maintain the 
freeze, whether they would be 
in the military or social pro- 
grams or what. Since no one 
knows who would take the hit, 
there is no current political cost 
to the president. 

Only a few specific program 
cuts were divulged, but some of 
them are likdy to generate con- 
siderable political opposition. 

For e xamp le, the administra- 
tion intends to sell dams, power 
stations and other assets con- 
nected to hydroelectric plants 
the government owns in West- 
ern states. 

This would doubtless result 
in higher electricity costs in 
those states and are likely to be 
opposed by. among others. Sen- 
ator Mark Hatfield of Oregon, 
who will be the new chairman 


traduced over a period of years of the Appropriations Commit- 
ralher than becoming effective tee, and his fellow Republican 
immediat ely — was not dis- from Oregon, Bob Packwood, 


who will be chairman of the 
F inanc e Committee. 

Money would also be saved 
by turning over the air-traffic 
control system to private opera- 
tors. Opponents of this step in- 
clude the general aviation in- 
dustry. Most of the U.S.-bu2t 
planes flown, by private pilots 
are made by firms headquar- 
tered in Kansas. Senator Bob 
Dole of Kansas wfll be the new 
Republican majority leader. 

The tax breaks Mr. Clinton 
wants would be helpful to mid- 
dle-income families but would 
by no means be a windfall. Ac- 
cording to the White House, a 
family with two small children 
and an income of 550,000 
would save 51,000 a year in tax- 
es, or less than 520 a week. 

A comparable family with a 
college tuition bill of more than 
510,000 would save 51,500 a 
year. 

Some of the staff assistants 
who have worked on budget- 
cutting measures for two years 
expressed disappointment 

One yfi imp assistant said bit- 
terly, “This is a rather Orwell- 
ian view of fiscal responsibility, 
to cut taxes just as the deficit 
begins to soar.” 

And an economist on a con- 
gressional staff said: “The first 
rale when you're in a hole is to 
stop digging. We’re in a hole. 
But they’re starting to dig 
again.” 


to unseat him a swindle. ’ 

Mr. Berlusconi attack ed what 
he said was an attempt to cheat 
the electorate as Uinteto 
Bossi, leader of the Na^eqi 
League coalition party, c&oued 
to have the. support in Faffia- 

ment to bring down the gbv&Bh 
m ent a nd form a rafing 
alliance. 

"It’s a big swindle. A swindle 
al the expense of the electors 
and on the back of the coon- 
try,” the prime minister told 
Panorama magarirae - whea 
asked about Le%ie moves to 
form an alliance with leftist aod 
centrist opposition parties.' P . 

The billionaire businessman ; 
wiHsedc what amounts 1 q a : 
vote. of confidence m hisfive- 
■mx f "I party coalition when he ad- 

l\#*W I iPBflPT dresses . Parliament- next . 
1TCW Wednesday. If he loses, he ft 


Pushes for 
Irish Peace 


would be duty-bovmd.to resign: 

Mr; Bossfs federalist League 
is one of the three sudn.c^> 
tkm partners. But its c^tspoken 
leader repealed m an mOTiew 
published in several. 


By James F. Clarity 

New York Times Service 


end 


DUBLIN — On his first full 
day as Ireland’s new prime min- 
ister, John Bruton sought Fri- 
day to allay fears that he is less 
co mmi tted to peace efforts in 
Northern Ireland than was fais 
predecessor, Albert Reynolds. 

As leader of the Fine Gael 
opposition to Mri Reynolds’s 
coalition government, which 
collapsed a month ago, Mr. 
Bruton had criticized some of 
Mr. Reynolds's efforts on the 
North. 

But now that he is the head of 
a three-party coalition, with La- 
bor and the Democratic Left, 
Mr. Bruton is emphasizing that 
he is folly committed to the 
peace initiative launched on 
Dec. 1 5, 1993, by Mr. Reynolds 
and Prime Minister John Major 
of Britain. 

Mr. Bruton’s program cites 
peace in the Neath as his first 
priority. 

Although he has been a critic 
of the Irish Republican Army’s 
political leader, Gerry Adams. 


iuscom had reached 
of the hue. 

"There ace two vrop'rail jbf 
this political rituafiGn,TiMr. 
Bossi said. “Either we hare a 
government without Beri us c o ni 
or there are fresh dectkmsiV’ 
“But there won’t be etedfions 
became there is abeady srj&- 


jority opposed to Beriuscaam^m 
the Chamber ' c 


ofDeputies/’-or 
lower house, headded. .5 
Mr.Bosasaidlto had’lfis 
backing of 325 members of the 
630-seat Chamber. He dainied_ 
to have the support of theDcait: . 
ocratie Party Ot the Left and the 
centrist Popular Party — two of 
the main op pos i tion groups. — 
plus a sprinldmgaf minor par- 
ties to fpnn a new broad gov- 
ernment to complete, institu- 
tional reform. 

Mr. Bossi said he would be 
prepared to work with the fiber? 
al wing of Mr. Bednsoonfs 
Forza Italia party in a newalfi- 
ance but made it dear he waut- ■ 
ed the media magnate, out. 

“If he goes back to being'l. 
businessman,” the League lead- 
er said of the prime minister, 
“it’ll help us find a^xtinless so- 


Malaysia Wants 
Caning Used in 
Business Crime 


The Associated Press 

KUALA LUMPUR — 
The government says it will 
make caning a mandatory 
it for white-col- 
enmes, which are in- 
creasing sharply as this 
Southeast Asian nation 
grows richer. 

Prime Minister Mahathir 
bin Mohamad’s cabinet 
also has approved a plan to 
eliminate all jury trials, 
now used rally in first-de- 
gree murder cases. 

Malaysian courts often 
order canings for violent 
criminals, but the punish- 
ment has not previously 
been applied to white-col- 
lar (rimes. 

Law Minister Syed Ha- 
mid Aibar said Thursday 
the changes required legis- 
lative amendments that 
would be pul to the Parlia- 
ment soon. 


The measures are virtual- 
ly certain to win approval; 
the prime minister’s coali- 
tion dominates Parliament 


Friday at a meeting of the Fo- 
" rum for Peace and Recondlia- 

rimvr A . T rr /• n* x tion, which Mr. Reynolds spon- 

UlliN A: Lons 1 emis for Dissidents sored as a way of bringing the 
° ° IRA political wing, Sinn Fein, 


he- shook Mr. -Adams’s band — lotion to the crisis. 

But Mr. Bossi faces a possible 
revolt from toe more than 50 of 
the League’s members of Par- 


Coutmned from Page 1 

sending a warning to anyone 
considering using Deng’s death 
to launch a protest against the 
Communist Party.” China’s 
paramount leader,' Deng Xiao- 
ping, is 90 years old. 

The Beijing Intermediate 
People’s Cram in the district of 
Babaoshan sentenced the nine 
activists to jail terms for 
“counter-revolutionary” 
crimes, or subversion, while 
dropping charges against five 
others and plating one person 
under supervision for two years. 

Dozens of policemen guard- 
ed the doors to the court, and 
relatives of those indicted were 
barred from the courtroom. The 
ig judge, Wang Huiqing, 
emerged and read out the 
sentences while those impris- 
oned were whisked to prison 
through a back door. 

“They are innocent,” a rela- 
tive of one of those sentenced 
exclaimed later. “Judging from 
the facts in the bill of indict- 
ment, they are innocent 1 am so 
angry. We never expected the 
sentence to be this heavy.” 

Hu Shigen, 39, a lecturer at 
the Beijing Languages Institute, 
received the heaviest sentence, a 
20-year term on charges of 
heading 


were delayed as 
made its final push to 
play host to the 2000 Olympics. 

The trial was pushed back to 
April this year but was again 
delayed, tins time apparently 
for fear it would affect Presi- 
dent Bill Clinton’s decision on 
China’s most-favored-nation 
trade status. 

Mr. Clinton had previously 
threatened to revoke the status, 
which gives Chinese goods the 
lowest available tariffs, if Bei- 
jing did not improve its human 
rights record. But in May, he 
severed the link between the 
status and human rights. 

The case went to rial in mid- 
July, but the court returned it to 
government prosecutors be- 
cause of insufficient evidence. 

China has hardened its 
stance against dissent. At least 
11 dissidents have been sen- 
tenced to labor camps in recent 
months. Police have the right to 
hand out labor camp sentences 
without court proceedings. 

Relatives complained that 
the defendants had not been 
allowed proper access to their 
lawyers. “They shut an iron 
gate against us,” one said. “This 
is unfair.” ('Reuters, AP) 


into the political process. 

Mr. Bruton and Mr. Adams 
are expected to meet soon to 
discuss their differences. Mr. 
Adams has said that Mr. Bra- 
ton's view on the North was 
“flawed.” Mr. Bruton said he 
would discuss it with Mr. Ad- 
ams. 

Politicians and analysts fed 
that Mr. Bruton's actions are 
crucial to the peace effort If he 
is perceived as intransigent by 
the IRA, it might resume the 
guerrilla war, which was sus- 
pended by its cease-fire an- 
nouncement on Aug. 31. 

In the past, Mr. Bruton has 
said Mr. Reynolds was moving 
too fast to welcotne Sinn Fein 
to peace discussions. He has 
also been called a supporter of 
Sinn Fein’s enemies, the Protes- 
tant leaders of the North, who 
want to remain part of Britain. 

Mr. Bruton, like Mr. Reyn- 
olds, has insisted that there will 
be no overall settlement with- 
out the consent of the Protes- 
tant majority in the North. That 
is one of the key issues in a new 
framework for the North that 
was delayed by the political dis- 
ruption in Dublin. 


liament who oppose a deal with 
the Democratic Tarty of the 
Left (formerly Communist). 
The interior minister, Roberto 
Maroni of . the League, has said 
he will not join an alternative 
government. . 


CANCER: 

On \ Afterlife 9 


Monday 


MONDAY SPORTS 


In addition to the daily sports pages, Monday 
Sports is expanded to include fuU weekend 
results of international sporting events. On 
these pages, you’ll find the outcomes of tennis, 
soccer, football, baseball, cricket, basketball, 
rugby, golf and many other sports. 

Every Monday in the International Herald 
Tribune. 


1 k WTEKNATIONAL M + | 

iieralo^^enbunc : 


rwuntv no to* iww t*** **•> nn wmkiim wi 


a counter-revolution- a t 

S-SSBEofiSL^T^Sf NEPAL: It Weighs limit to Daring 

ganda,” the verdict said. 


Kang Yuchun, 30, a doctor, 
was sentenced to 17 years on 
the same charges as Mr. Hu. Uu 
Jingsheng, 40, a chemical-fac- 
tory worker, was jailed for 15 
years on the same charges. 
Wang Guoqi, 32, unem- 


ployed, was jailed for 1 1 years 
for leading a counter- rcvolu- 


or leading 
tionaiy group. 

The court passed five-year 
terms on Lu Zhigang. 26, a law 
student from Beijing Universi- 
ty, along with Qien Wei, 25, 
unemployed; Zhang Chunzhu, 
42, unemployed, and Wang 
Tiancheng, 30, a law lecturer at 
Uni 


Coutnied from Page 1 

Pisang climbers reached the 
summit together. Then, with 
bad weather closing in, the par- 
ty began to descend. 

Below the summit, with the 
party roped together in groups 
of three and four, some mem- 
bers of the party began to slide 
on a steep, icy slope. In seconds, 
the entire party was swept 450 
meters feet down the slope, then 
over a sheer 150-meter drop. 

Pertemba said that among 
the issues being considered in 
his inquiry were whether the 


t eqmp- 
jutfitters 


techniques, lightwei; 
ment and commercial ou 
ready to take inexperienced 
climbers for fees as high as 
550,000. 

Mr. Mara, the alpine club of- 
ficial, said all 1 1 Pisang climb- 
ers had at least some high-alti- 
tude climbing experience, 
mostly in the Alps. 

The group’s leader. Stefan 
Hasenkopf, was a seasoned 
mountain guide, a 25 -year-old 
German Army officer who had 
been named to head an alpine 
commando unit Mr. Hasen- 
kopfs 


inquiry 

German group should have had 

Beijing University, for spread- more than one sherpa, and . x 

ing counter-revolutionary pro- whether they should have split “e moumain, was pro- 
paganda and actively taking into more widely separated instructor for the 

part in a counter-revolutionary groups to lessen the chances of 

a “domino effect" once the slide 
started. 

Other issues include the 
climbers’ attempt to descend 
without the protection of a 
fixed rope. 

The disaster has prompted a 
broader discussion about what 


Contmaed from Page 1 

vate feelings about death. In a 
television interview in Septem- 
ber, he was asked what he 
would say when he arrived 
“who knows whore.” He replied 
drily: “Eternity is a long tune." 

Pressing on, the interviewer 
then asked what he would like 
to be told after he died. The 
president paused, as if reluctant 
to play the game. “I’d like to be 
told, 'On balance, you haw: 
done more positive thing s than 
negative things. You have tried 
to help others and love than,’ " 
he replied. 

The way Mr. Gtritton re- 
counted bis conversation with 
Mr. Mitterrand last month sug- 
gested death was even more on 
the president’s mind now. “He 
said to me, ‘You are a specialist 
in time and death and eternity, 
so I ask you, what is death, what 
is the beyond? 1 ” the old philos- 
opher said. 

He conceded that the presi- 
dent, who he said had raice .ttid 
him that “religion is acoHecfkm 
of absurdities,” may not have 
been persuaded by his own be- 
lief in an afterlife. “I told him, 
“Betigion is a collection of mys- 
teries,’” Mr. Gratton added. 
“That’s why after death is 
called the beyond.” 

Nonetheless, he paid tribute 
to Mr. Mitterrand, noting that 
he was not like a soldier who 
died surrounded by friends. 

“The general is completely 
alon e,” Mr. Gtritton said be 
told hon. “You have the respon- 
sibility of the general, as you are 


father, Arnold, who _ VH _- 

NJPjrirecover his son’s body head of FramxTYcmhaw'^rco 

a marvelous example to aIL r ~ 


group. 

Rui Chaohuai, 24, a factory 
worker, was jailed for three 
years and Li Quanli, 43, also a 
factory worker, was ordered 
placed undo 1 supervision for 
two years. 

The defendants were arrested 
in May and June 1992 and 
charged with forming or joining 
three underground dissident 
groups and writing and printing 
political leaflets. 

They were originally to have 
gone on trial last fall but the 


German Alpine Federation. 

“Stefan was one of our very 
best,” Mr. Mara said. 

In 1992, Nepal’s Ministry of 
Tourism, whit* sets rules for 
mountain-climbing expedi- 
tions, made the first major ef- 
fort to cut back, raising the fee 
for Everest expeditions to 


skeptics here refer to as “high 550,000 and sharply restricting 

f aL. — fhA rtnmliar j 


altitude tourism” — the s_ 
in the number of ascents on tne 
Himalayan peaks and the shift 
toward less experienced climb- 
ers. including relative novices, 
made possible by new climbing 


the number of expeditions and 
climbers. 


But the limits were quickly 
breached. 


In the last decade, more than 
380 climbers made it to the top. 




Every Friday 
Co ntac t 
FredRonon 


( 331)44 379391 
Fax: 

( 331)46 379370 
or your nearest 
IHToffi® 
or representative 





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Gore Discounts Talk 
Of a Cold Peace’ 

U.S.-Russian Ties ‘on Track,’ 
He Says After Meeting Yeltsin 




■ i ’; :h- -wnv.tO 
-■■ ad .***»£> 

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'-•'‘tea 


By Margaret Shapiro 

, . Washington Pax Service 

“ Al^SSf 0 ^^ ^ 3Presidenl 

- ~? 01 re. ending two days of 
2f 1 here, said Friday that 
^^5 _Russian relationship 

- on track despite re- 
■ cent tensions over the expan- 
rr s,on °f NATO and over policv 
• toward the former Yugoslavia.' 
' My impression is there is no 
. cow .peace but instead a warm 

relationship that is very much 
■ on track, Mr. Gore said after 
. meeting with President Boris N. 
Yeltsin of Russia, who is in a 
Moscow hospital recovering 
from minor nose surgery. 

- , I ¥ r - Yeltsin shocked the 
Untied States and the West ear- 

r-her this month when he de- 
nounced plans by the North Al- 
lactic Treaty Organization to 
' expand into Eastern Europe 
and said that such moves would 
isolate Russia and create * 


- 'fcflt 

* “cold peace” after four decades 
: ’= , , '■ of Cold War. 

L " i '- iS to £ ‘ ' . SevcraJ da ys before that, For- 
UL-fr ^ ei 8 » Minister Andrei V. Ko- 
? irsci. Bp*®* 5. 2 y fev ’ “8*7 at NATO’s efforts 

:zz<z^i to fny the groundwork for its 

: •* expansion, balked at the last 

• , s-Vt 5 " 8 *: " mwuw at signing the Partner- 

- ... - : ship for Peace, a Uninspired 

:• - • -T ,sa <®fidifc 5 program to establish military 
. tics short of NATO member- 

■ ■ .*•„ ^ ship. Most of the East Europe- 

i an countries and former Soviet 
_ ■ republics have already signed 

„i ; r 7 !' onto the program. 

Mr. Gore said that the two 
... ' ' . . ‘1‘ :z \ -fisi . countries would continue bilal- 
. T^i’ eral discussions about NATO 
. .. 7 * Wiae ^ “to put all of these questions in 

.. -T"*’ ■■ proper perspective, which is 

. - : ' that of a strong and healthy 

"• '-a partnership between the United 

'• r ■ - States and Russia.” 

'■ ~ - Mr. Kozyrev and Secretary 

■ ; ‘ -'a; . of State Warren M. Christopher 

„ will meet in January to discuss 
‘ 7 NATO, and Mr. Gore and the 

- : ":r:. 1 Russian prime minister, Viktor 

- • S. Chernomyrdin, wiD continue 

~ - :r. r.-ii . consultations on the issue. 
r ■ A senior U.S. official in Mos- 

• ~ cow said that Mr. Gore, during 

' •' •* his hospital meeting with Mr. 

Yeltsin, had told the Russian 
•*: ■: Hhc *. leader that inaccurate infonna- 

. :.-j: tion freon “some of the Europe- 

.. . v-zti ans” had been given out about 

|iow quickly NATO was intaid- 
. -j,:m « Ing to expand. The United 

ij&i - States has not changed its com- 
•.- re mitment to a very gradual ex- 
• • • _ r : 


pansion and only in full consul- 
tation with the Russians, Mr. 
Gore told Mr. Yeltsin, accord- 
mg to the official. 

Mr. Gore, the official said, 
»eemed to have reassured the 
Russian leadership that “we are 
dailmg with them straight” on 
NATO, but that there were no 
promises made by the Russians 
to move Coward with participa- 
tion in the Partnership for 
Peace. 

The vice president said that 
he and Mr. Yeltsin had briefly 
discussed the crisis in Chech- 
nya, where Russian troops are 
trying to bring the breakaway 
region back under Moscow’s 
control. Figbting broke out sev- 
eral days ago with mounting 
casualties among Chechen in- 
dependence fighters, civilians 
and soldiers. Russia has 
threatened to storm the Che- 
chen capital, Grozny, jf the 
Chechens did not agree to lay 
down their arms by Saturday. 

“I got the clear impression 
that they very much prefer a 
negotiated outcome there, if 
possible,” Mr. Gore said. 

Mr. Yeltsin, who went into 
the hospital last weekend to 
correct a deviated septum in his 
nose, seemed “very healthy,” 
Mr. Gore said. 

The Russian leader has been 
criticized for undergoing elec- 
tive surgery on the eve of order- 
ing thousands of troops to 
Chechnya. Newspapers have at- 
tacked him for failing to explain 
what the military hopes to ac- 
complish and why it is neces- 
sary to risk the lives of so many 
to rein in Chechnya now. 

Before leaving Moscow on 
Friday, Mr. Gore and Mr. 
Chernomyrdin signed IS agree- 
ments for further cooperation 
in space, energy, health and de- 
fense conversion. They also 
signed an agreement to cooper- 
ate on preventing pollution in 
the Arctic, a topic of wide con- 
cern since the revelations this 
fall that a major oil leakage in 
Russia’s far north bad polluted 
huge swathes of tundra. 

The only event to mar Mr. 
Gore’s trip was a bomb threat 
at a school that Mr. Gore’s wife. 
Tipper, was scheduled to visit. 
Her visit was canceled. The 
Itar-Tass press agency suggest- 
ed that the bomb threat had 
beenaboax. 


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I’M COLD, 

PLEASE CLOTHE ME. 
I’M STARVING, 
PLEASE FEED ME. 

For victims of conflict in Former Yugoslavia, the 
renewed violence and the approaching winter 
spell disaster for more than three million people - 
especially the children. 

UFEUNE fights despair by providing direct 
aid to hospitals and refugee families - particularly 
children and the elderly - with a minimum of 
bureaucracy and delay. And without regard to 
nationality, politics or religion. 

We raise and deliver aid in the form or rood, 
medical supplies and other essentials. We support 
the large international agencies, using our own 
contacts and resources to get the right help to the 
right place - fast And we create and manage our 
own special projects. 

With your help - we could be doing even 

more, right nowas winter dosesiru 

Please send your donation TODAY - either 
by cheque or credit card. For many of the children 
were helping, tomorrow will be too late. 


I " 1 W 


I would Kite to donate £ 

Humanitarian Organisat.cn. Please rnahe dmquM payable 
to UFEUNE or use the Access/Visa facilities below: 

Please debit my Access Q V^D Expires. 


. to LIFELINE 


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PATRON: HRH Humanitarian Organisation 

h Gardens London SWlY 5AE. Tek 071 839 1623 
7 C ° rl, ° n UK R=^-d Charity Na 1027278 ■ ‘ 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SI NDAY, DECEMBER 17-18, 1994 


Page 5 



‘Inside Job’ Feared 
In $3 Million Theft 
Of Gems in Antwerp 


Vice President AI 


CjcbuK OJlpcna'ftcutcn 

Gore, left, and Prime Minister Viktor Cheraomyr^n ex changing documents in Moscow on Friday. 


By Tom Buerkle 

IntfnuatvnaJ Herald Tribute 

BRUSSELS — Security con- 
cerns gripped Antwerp’s dia- 
mond district on Friday as the 
size of the city’s worst-ever heist 
mounted to more than S3 mil- 
lion. 

The police and dealers of- 
fered few explanations of bow 
thieves had managed to enter 
the Diamantkring, or Diamond 
Circle, the largest of Antwerp’s 
four diamond exchanges, and 
empty at least eight safe-depos- 
it boxes sometime late Wednes- 
day or early Thursday. 

Bui given the extraordinary 
security at the exchange, specu- 
lation was that the theft was an 


A Viral Clue to a Common AIDS-Related Cancer 


By Lawrence K. Altman 

New York Times Semee 

NEW YORK — Breaking a long spell of grim 
news on the AIDS front, a team of New York 
scientists has announced a preliminary finding that, 
if confirmed, could have a significant effect on the 
course of the disease in gay men. 

Scientists at Columbia University said they had 
found strong evidence of an apparently newly de- 
tected virus that might cause Kaposi's sarcoma in 
people with AIDS. Kaposi’s sarcoma is the most 
common cancer affecting gay men with AIDS and 
one of the principal causes of death in that group. 

Experts said the findings, reported in Science 
magazine Friday, were a highly promising advance 
that, if confirmed, could rank as one of the most 
important developments in AIDS research in recent 
years. 

The team, led by Dr. Yuan Chang and her hus- 
band, Dr. Patrick S. Moore, used a new technique, 
reported only last year, to help identify molecular 


fragments from at least three genes of the probable 
new virus. 

The fragments, known as sequences of DNA, are 
unique and seem to place the agent in the herpes 
virus family, the scientists said. The sequences close- 
ly resemble those of the Epstein- Barr virus, which 
causes infectious mononucleosis and has been 
linked to two cancers in humans. The agent also 
resembles the saimiri virus, a member of the herpes 
family that causes lymphoma in New World mon- 
keys. 

The scientists, emphasizing that their findin g* are 
preliminary, said at a news conference that they had 
not isolated and determined the complete structure 
of the virus. Even if the virus turns out to be a 
previously unknown one, they said, more research 
needed to be done to prove that it was the cause of 
Kaposi’s sarcoma. It is possible that the virus is 
present in Kaposi’s sarcoma only after the cancer 
develops. 

Despite these reservations, Dr. Moore said, “we 


think it is important because it is the very first clear 
evidence that strongly implicates a specific type of 


virus” in the development of Kaposi's sarcoma. 

The findings hold promise for developing a test 
fOT the disease and could lead to effective therapies 
for it, since some drugs are known to work against 
herpes viruses. Although some patients with Kapo- 
si’s sarcoma have been treated with anti-microbial 
drugs, there have been no systematic studies of such 
therapy for Kaposi’s sarcoma and herpes viruses, 
AIDS experts said. 

The Columbia researchers said they began hunt- 
ing for a Kaposi’s sarcoma virus about 18 months 
ago. At first, they tested samples from patients with 
conditions that were known to the researchers. They 
then confirmed their findings on samples sent by 
researchers at other institutions. 

“We would like to think it has been confirmed.” 
be said, but added that the work needed to be 
confirmed further and the findings repealed on 
hundreds more patients. 


inside job, perhaps involving 
dealers seeking to defraud in- 
surers. 

“For the time being, it’s a 
mystery," said a longtime deal- 
er, who spoke cm condition of 
anonymity. The 12-story ex- 
change b uilding “is so well- 
guarded that anybody who’s 
not a member cannot even get 
into this place;” the dealer said. 

The most recent discovery 
was on Friday, when the police 
found two safe-deposit boxes 
that had been entered in addi- 
tion to six uncovered on Thurs- 
day. The police were hindered 
in their checks at the exchange, 
which houses about 1,500 safe- 
deposit boxes, because many 
members were traveling or are 
based abroad. 

So far. losses are estimated at 
roughly 100 million Belgian 
francs’ worth of diamonds and 
foreign currency, or about S3 
million, said Luc I -aming, an 
Antwerp police spokesman. 

Whatever the final loss, the 
theft was already the worst to 
hit Europe's premier diamond- 
dealing center. Antwerp dealers 
effectively set the global price 
for investment-grade gems and 
registered sales of about S17 
billion in 19 93. 

What particularly worried 
dealers was the fact that the 
city’s three other exchanges em- 
ploy essentially the same securi- 
ty techniques as the Diaman tier- 
ing, dealers said. 

The entrance is manned by 
security guards and monitored 
by cameras round the clock, 
and the compact diamond dis- 
trict. which hugs the city’s main 
train station, is patrolled regu- 
larly by the police. 


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Page 6 


SATUHDAY-SUNDAY, DECEMBER 17-18, 1994 

OPINION 


Hcralb 


INTERNATIONAL 


eribuitc It’s Time to Work Out a New Relationship With Russ 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


W ASHINGTON — A year ago this 
week, the American romance with 


Bosnia: Can Carter Help? 


President Bill Clinton takes a great 
■gamble by si gning on to Jimmy Carter's 
first talks with the Bosnian Serbs. He 
risks creating momentum and a public 
for a pro- Serb diplomacy that will under- 
cut the plan that the “contact group” of 
Britain, France, Germany, Russia and 
the United States has put on the table. 
Mr. Carter’s view that the list of “conces- 
sions” he had received from the Bosnian 
Serbs was consequential suggests a one- 
sided approach that could provide a nice 
fig leaf for American, UN and NATO 
disengagement, but nothing for the 
bleeding, brutalized people of Bosnia — 
the “ethnically cleansed” — that this 
country and its allies and the United 
Nations once undertook, at least in some 
measure, to protect. 

The Bosnian Serbs control 70 percent 
of Bosnia but are internationally isolated. 
Mr. Carter offers them a start on interna- 
tional acceptance, this merely for stop- 
ping things — essentially, harassment of 
UN peacekeepers — that remain unpun- 
ished outrages that they should not be 


victimized Muslims and victimizing Serbs, 
to help them consolidate their war gains 
and resume a normal life. Right off, it is a 
way to deflate contact group pressures to 
remove UN peacekeepers, who have be- 
come the Bosnian Serbs’ hostages and 
should in fact be withdrawn. One also 


YY week, the American romance with 
the new Russia received its first jolt 
In their first posl-Communist election, 
half the Russian people voted for fascist 
or Communist parties openly y arning 
for Russia’s lost empire. 

Boris Ydtsin, it turns out, reads adverse 
election returns at least as well as BE) 
Clinton. Consequently, the jolt on the 
domestic front has, over the course of 


By Charles Krauthammer 


understands the generosity and fatigue 
that lead many to believe mat ending the 
war now on whatever terms is better than 
adding to its human and political toll. 

But the inconvenient fact is that the 
victims are stEl stru g glin g . The Muslim- 
led government means to fight on at the 
least to regain the share of its country 
offered in the contact group's peace plan. 
Whether this goal can be accomplished is 
disputable. But certainly the Bosnian 
government has a claim on those coun- 
tries, including die United States, that 
wrote the plan. It is unthinkable that the 
contact group, haring declined to provide 
military aid or direct military support, 
would then lend itself even tacitly to a 
plan written by the aggressors. 

The Clinton a dminis tration insists it is 
not gang to let the diplomatic ball be 
taken away from it. If Jimmy Carter can 
get the Sobs to take small steps that 
reduce tensions, fine, it says, but it is not 
abandoning the contact group plan. This 
is the key position the administration 
must now enforce. 

— THE WASHINGTON POST. 


paid a nickel for stopping. He opens the 
further possibility of becoming not just 


further possibility of becoming not just 
an interlocutor but a validator of Bosnian 
Serbian settlement terms. 

It is clear enough why the Bosnian Serbs 
would be eager to recruit a prestigious 
former American president, one who 
promises to be “impartial” as between 


The vision of a Russia acting 
like Britain or France or 
postwar Japan now stands 
exposed as a mirage. 


the challenge to the Western position in 
various regional conflicts (Iraq- Kuwait, 
Bosnia-Sere ia) as open reassertions of 
Great Power status. . 

And last week, as if symbolically to 
mark the transition, Mr. Yeltsin invaded 
the small autonomous republic of Chech- 
nya in the Caucasus. Muslim non-Slavic 
Chechnya had declared itself indepen- 
dent of Russia three years ago. After a 
clumsy, Bay-of-Pigs-type Russian opera- 


of the fascist Vladimir Zhirinovsky. 

The old Yeltsin — who acquiesced to 
Western aims, sought a "partnership 
with the United States, and was accused 
of being an American doormat — was 
indeed domestically valuable to .such 
Western moves as a NATO expansion. 

But the nationalist Yeltsin — the one 
who wrecked Mr. Clinton's appearance at 


tion failed to bring doW the rebel gov- 
ernment, Mr. Yeltsin simply ordered in 
the tanks, Czech-style circa 1968. 

With these actions, the debate about 
how to deal with Russia really comes to 
an end. One school viewed Russia as 
incorrigibly expansionist and in need of 
restraining by the West. The other school 
held that so long as the evolution of 
Russia along democratic capitalist lines 
proceeded, the West should do nothing 
that might jeopardize that evolution. 
And that to act provocatively — by ex- 
panding NATO or objecting too strenu- 
ously to Russian incursions in neighbor- 


1994, been dramatically translated into 
Russian foreign policy, a newly assertive, 
resolutely nationalist policy prepared tc 
challenge Western aims and influence. 

The new policy — advanced, to the 
confusion of the Clinton administra- 


tion, by the previously friendly Mr. 
Yeltsin and Foreign Minister Andrei 
Kozyrev — defines a Russian national 
interest with two major themes: 

1. Local hegemony, re-esta b lishing a 
sphere of influence over the ex-Soviet 
Union. Hence the militaiy meddling in the 
"near abroad” republics of Georgia, Mol- 
dova, Tajikistan, Armenia, Azerbaijan. 

2. Recognition as a Great Power, de- 
manding a place at the table in deciding 
the fate of world trouble spots — hence 


ing territory — would weaken the pro- 
Wes tern voices in Moscow and help to 
bring about the very nationalist resur- 
gence we were trying to avoid. 

The events of 1994 have made the 
second view moot. Mr. Yeltsin and Mr. 
Kozyrev have adopted the nationalist 
line as their own. The Chechen invasion 
was conducted over the bitter objections 
of their liberal allies and to the applause 


taring a “odd peace” — 

vulnerability on the East-West 

issue. For the newly minted tough a 
Western challenge is not a threat Wit a 
chance to display nationalist credentials. 

Whatever reasons America might have 
had, therefore, not to act oat of fear ol 
undermining Mr. Yeltsin have drived- 

It is tnm that Mr. Kozyrev and Mr. Ydtsn 

Stffl represent the most pro-Westem for- 
eign policy that can be expected from 
Russia. But that clinches the argument 

The risian of a Russia integrated into a 

Western security system, acting Eke Brit- 
ain or Fiance or a reformed postwar Ja- 
pan or Germany, now stands exposed as a 
mirage. The truth is far nearer Henry 
Kissinger's pessimistic view of a Rnsaa 
determined by habit and history to rem ain 
apart from and often opposed to Europe 
nnd the West. 

What to do? The Clinton administra- 
tion response to Russia’s geopolitical re- 
awakening has been uncer tain . It has 
tried to straddle the issue of Russian 
apartness in classic Clinton style: trying 
to please everyone, promising the East 
Europeans NATO membership is a 


question of “when” 

game rime trying tomdnceThe RussimS 
tojoiii the partnershipfor Tteac* a Jowe : 
Sedation with NATO that would 
Sapas ail the ex-communist stare* _ 

ed with some theatricality ^ that^thw 
would no longer play almig- At^me. 
NATO ceremony marki ng Rn ssmsior- , 
mal accession to die Partnos^p 
Peaces. Mr. Kozyrev refused at the Ja*^. 
moment to sign on. ' 

Rather than respond to this sup m the 

a . ■< Vnlitlv M ■. 


face Iw brushing it lightly aside, -as die 
State Department did, the United Spries:. 
should instead turn the crisis into ah bp*, 
portunity to acknowledge the new Rig^; . 
sign reality. Mr. Koayrev shorfdbe tql^^ 
Fine. Perhaps you are right The Part- > 
neishrp for Peacemay not be agood idea' . 
after att. We cannot bring all the qz- ; 
Communist states under a smgk umbrek •’ 
la. Russia should be treated oatndy <gf- ; 
ferently. And it will. Accarttingiy, tfe qc- , 
Communist states most . dearly Jinked - ' 
historically, culturally and geographical- 
ly to Europe — Poland,- Hungary, ifce“- 
Og ch Republic nnd Slovakia — 
three years time, be brought into NATO. 

At the same time, NATO will negoti- 
ate bilaterally with Russia whatever 
kind of association Russia deems possi- 
ble, from friendly cooperation to chi$y ' ' 
coexistence. Your calL But the fatevof 
Eastern Europe is not. 

The romantic period is over.It’stioac - 
to work out a new relationship. 

Washington Post Writax Group. 


A Healthy Jolt From Delors ffideast: HopelsFast 

J TYOSTON — Fifteen months Bv 

.D after Yitzhak Rabin and 


Jacques Delors. who has spent the past 
decade presiding over construction of die 
European Union, had a good chance of 
moving on to an even more prestigious 
job — president of France. Despite pub- 
lic disenchantment with his Socialist Par- 
ty, polls showed him the front-runner to 
succeed his friend and fellow Socialist, 


Francois Mitterrand. But last Sunday, 
Mr. Delors announced that he would not 


Mr. Delors announced that he would not 
be a candidate, shocking political insiders 
and scrambling the presidential race. 

Mr. Delors will be missed — especially 
by the Socialists and those favoring a more 
federal Europe, two causes now bereft of a 
popular champion. But his departure 
could deal a healthy jolt to French political 
culture, at a time when cynicism, corrup- 
tion and displays of raw ambition have 
dangerously alienated voters. 

Mr. Delors cited political and personal 
reasons for declining to make the race. 
Despite his popularity, he reasonably felt 
that voters would not be prepared to give 
him a political mandate to deliver on his 
center-left. Europeanist ideals. 

His concept of activist government 
combining market economics with a 
strong social policy, and his vision of a 
federalist Europe, are now out of favor 
with most French voters. The political 


party situation is even less congenial to 
Mr. Delors’ s intellectual anoroach. The 


Mr. Delors’ s intellectual approach. The 
Socialist Party leadership stands well to 
his left, while the current legislature 


stands well to his right. Conservatives 
now hold 480 of 577 seats. New legisla- 
tive elections could change that arithme- 
tic, but not enough to allow a Delors to 
put his ideas into practice. 

Personally, Mr. Driers is not known 
for humility, and the prospect of going 
from unchallenged head of bureaucratic 
Europe to the rough and tumble of gov- 
ernmental compromise probably did not 
appeal to him. Already 69, he frit he had 
done his duty to his party and did not 
want to end lip like his friend Mitterrand, 
isolated in the presidency and forced to 
"cohabit” with conservative cabinets. 

Mr. Delors, then, had the honesty to 
recognize that the temper of the times 
would not allow him to govern according 
to his convictions, and the dignity to 
resist deceiving himself and the voters on 
that score. In an age of cynicism and 
disillusion with politics, he stands out as 
the interesting exception — a politician 
of ideas who preferred to retire with his 
dignity and legacy intact. 

His derision was the right one. His 
kind of inflexibility, while admirable, 
is fll-saited for democratic governance. 
But if the examples of his early appeal 
and dramatic withdrawal lift the sights of 
the more conventional politicians who 
remain in the running, Mr. Delors will 
have made an especially valuable contri- 
bution to the presidential race. 

- THE NEW YORK TIMES. 


By Anthony Lewis 


Speaking for His Survival 


President BQ1 Clinton had no choice 
but to go on television sometime before 
the holidays. Otherwise he risked bring 
entirely marginalized in the legislative 
combat that begins on Jan. 4 when the 
Gingrich- Dote whirlwind hits Congress. 
Mr. Clinton also faces a crisis of anxiety 
within his own party. At a minimum, his 
speech probably showed Democrats that 
he had the stomach for self-rejuvenation. 

Mr. Clinton must be nagged by a sense 
of lost opportunities. In 23 months, he has 
skidded from initiator to imitator. But the 
speech could be a toehold from which he 
can step with purpose and direction for the 
difficult two years ahead. 

The president showed he had got the 
message of the election. He has entered the 
bidding war for the middle class. Gone 
were details about the millions lacking 
health insurance. In their place was a 
“Middle-Class Bill of Rights’’ that prom- 
ised tax deductions of up to $10,000 a year 
for college, professional and vocational 
schools. The proposal was aimed at dis- 
placed blue-collar workers and, more 
pointedly, at the suburbanites with chil- 
dren who deserted his party last month. 

There were phrases reminiscent of the 
best of Bill Clinton — a call for a "leaner. 


The Republican response to bis speech 
came from a newly elected senator, Fred 
Thompson of Tennessee. Mr. Thompson 
presented a kinder face than Newt Ging- 
rich might have, but his message echoed 
the victorious tone. If Mr. Clinton means 
to move in a “new direction,” fine. If he 
does not, “we will welcome the president 
to follow because we are moving ahead.” 

Neither party has provided much de- 
tail about how it intends to control yes- 
terday’s devil, the deficit. But Mr. Clin- 
ton’s speech was about survival, not fiscal 
probity. He is doing even worse in the 
polls than George Bush was when he 
began his final year. But Mr. Bush 
seemed disengaged from the task of stop- 
ping his slide. Mr. Clinton has at least 
chosen to grapple with the reality. 

— THE NEW YORK TIMES. 


Other Comment 


An Answer From Yeltsin 


not meaner government,” a plea to end 
the politics of "demomzation.” He prom- 
ised that his plans would be paid for by 
offsetting cuts in federal spending. To 
achieve these cuts, Mr. Clinton built 
upon the "reinventing government” 
theme that he and Vice President A1 Gore 
have been pushing, promising to consoli- 
date a wide range of government func- 
tions and abolish some. 


The first mili tary expedition embarked 
on by the Kremlin since the fall of commu- 
nism has caused much apprehension. It 
rides enlarging the area of instability in a 
crucial zone, and signals the return of the 
Red Army generals after the h umiliati on in 
Afghanistan. The Russian attack in Chech- 
nya came the day after the chilly meeting in 
Budapest between Bill Clinton and Boris 
Ydtsm. In some senses, the invasion ap- 
pears to be Mr. Ydtsin’s dear answer to the 
West It is a worrisome signal 

— II Messaggero {Rome). 



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Yasser Arafat met on the White 
House lawn, the hopes they raised 
have nearly vanished. The Israeli- 
Palestinian conflict seems back in 
the category of the intractable. 

Terrorist murders have embit- 
tered the atmosphere. The exten- 
sion of Palestinian role beyond 
Gaza and Jericho, a crucial prom- 
ise of the Declaration of Prinri- 


facts on the ground” — making it 
impossible for future Israeli gov- 
ernments to compromise for 
peace. The settlements have kept 
Prime Minis ter Rabin from mak- 
ing the political chcdce on which 
the prospect of peace depends. 

The choice is between two vi- 
sions. One is of an Israel within 


pies signed at the White House, 
has not taken place. Mr. Arafat 


roughly its pre-1967 borders, liv- 
ing alongside a Palestinian cotrn- 


has not taken place. Mr. Arafat 
and his Palestinian Authority 
have lost much ground to Hamas 
and its fundamentalist opponents 
of the peace accord. 

If those troubles mean the peace 
plan has faded. Ariel Sharon and 
other rightist proponents of a 
Greater Israel will have won. 
Years ago they said they were 
planting Jewish settlements in the 
occupied territories to “create 


ing alongside a Palestinian coun- 
try. The other is of an Israel exer- 
cising ultimate authority on both 
rides of the line, with its soldiers 
on duty throughout the West 
Bank and in Gaza. 

The key to that choice is settle- 
ments. There are now 120,000 
people living in Jewish settle- 
ments around the West Bank and 
in the Gaza Strip. Their presence 
in the occupied territories has had 
a series of consequences destruc- 


tive of the process envisaged in 
the Declaration of Principles. 

The declaration called for Isra- 
el to redeploy its military forces 
out of Palestinian population 
centers. That was a precondition 
to the hol ding of elections for the 
Palestinian Authority. 

But Prime Minister Rabin and 
his colleagues have been reluctant 
to move the troops because of 
fears for the security of settlers. 

The fear is understandable: But 
the result has been to prevent 
Palestinian elections. And those 
elections are an essential step to- 
ward a Palestinian leadership 
with legitimacy in the eyes of its 
people — and thus able to govern. 

"The urgency about elections,” 
The Economist of London said 
recently, "is to involve all Pales- 
tinians in the peace process, to 


halt if possible the swing to disil- 
lusion — and to terrorism.” 

The Israeli officials who 
worked out the declaration, with 
PLO representatives in Oslo well 
understood that settlements en- 
dangered the whole plan. 

According to The Jerusalem 
Post, they would have preferred a 


settlers on the Palestinian ride of 
an agreed line to decide whether to 
stay under Palestinian rule or 
move. But as Foreign Monster 
Shimon Peres said, “We did not 
fed we had the strength” to op- 
pose sealers and their supporter. 

Mr. Rabin, an <dd hawk, now 
says that Israd can best assure its 
long-term safety by distancing it- 
self from the Pal estinians — which 
means laving most of die occu- 
pied territories. But he has been 
unwilling, for political reasons, to 
begin giving up even highly vul- 


nerable settlements, such as. .die 
outposts of rehgkxs extrexmstsin . 
Hebron and Gaza, whkh r eq uk e 
extensive mQitaxy protection. 

If the settlements make itpalit- 
ically impossible to cany out ike 
Declaration of Principles, the 
consequences would be tn$fc tor 
load as for the Palestinians. 
Israel would rulemdefimtdyoTO 
a people with a different d re am, 
a people determined to have then '. 
own country. 

Frustration - of theix ' hopes 
would no doubt lead more Faks- 
tinians to reject Mr. Arafat; and 
the gradualist approach to peace. 
There would be more Patestiman 
violence, more Isradi fear and 
less chance far trust to grow. - 

It is a grim prospect: so grim 
that one can only hope the twc 
peoples will draw back and let in 
the tight of reason. 

The Noe York Tones. 


Bosnia and the Sense of Arms Sales 


By Stephen S. Rosenfeld 


W ASHINGTON — The 
White House ponders for- 


VY White House ponders for- 
eign arras sales. Should the Unit- 
ed States regard these as politi- 
cally neutral and perhaps 
positive, in which case it would 
let them run free or even pro- 
mote them for the economic 
benefits? Or should this com- 
merce be regarded as inherently 
suspect and perhaps harmful, in 
which case sales should some- 
how be restrained, jobs and ex- 
ports or not? In a sense the Clin- 
ton administration’s mulling of 
this issue is outdated even before 
it culminates in the expected pol- 
icy statement. The reason can be 
expressed in one word: Bosnia. 

The United States now domi- 
nates the global arms trade. The 
administration rightly asks how 
it can effectively use arms trans- 
fers to influence foreign-policy 
outcomes and resource-alloca- 
tion derisions by other states. 
Tins question cannot be an- 
swered definitively in any single 
place, but Bosnia provides the 
most relevant and sobering test. 

In Bosnia a particular arms- 
controi judgment was embraced 
by the United States. The idea that 


further arms would simply esca- 
late the battle promiscuously was 
enforced by key suppliers through 
the United Nations. The result was 
that the Serbian ride, which al- 
ready was armed, kept and ex- 
piated its advantage, while the 
Bosnian or Muslim side, which 
started out poorly armed, found 
itself unable to acquire adequate 
supplies and suffered accordingly. 

A funereal discussion now pro- 
ceeds on whether, at this late 
hour, to open up an international 
arms flow to Bosnia. I am among 
those who think it should happen, 
on the ground that the least the 
rest of us malingerers can do for 
abandoned Bosnia is to give it the 
option of trying to recoup some 
of its battlefield losses on its own. 
But that’s another matter. My 
purpose here is to reflect on the 
“success” of conventional arms 
control that produced the fix Bos- 
nia is now in. 

Of course, it was not a success, 
it was a parody. The United 
States and its partners ran an 
arms embargo that worked quite 


able to sustain the independence 
and integrity of the state thev 


and integrity of the state they 
had boldly proclaimed. The em- 


well to keep any substantial flow 
of arms from the Bosnians, who. 


of arms from the Bosnians, who, 
unarmed and unaided, were un- 


bargo handed the field to the 
Serbs. This is the risk of a nar- 
rowly conceived arms control 
policy that unfolds outside the 
context of a comprehensive po- 
litical strategy. 

Of the lessons for future Bos- 
nian the darkest must be that if 
you are small and beleaguered 
and alone in the world, then you 
had better be well-armed and 
prepared to take care of yourself . 
or else very cautious, far-seeing 
and accommodating. I can imag- 
ine that somewhere sometime a 
country with Bosnia on its mind, 
with a nuclear option or an at- 
tack option, is going to lake it 
We may never know. Think of 
the incredible resonance of 
terms like “Munich,” meaning 
appeasement, and "Vietnam.” 
meaning quagmire. “Bosnia” 
now becomes the working meta- 
phor for abandonment. 

Of the lessons of Bosnia for 
prospective arms suppliers, the 
most urgent roust be to antici- 
pate the dilemmas posed by a 
small country's desperation and 
dependoicy. A small country in 
a jam will hope for arms or direct 



SomewhereinRosnia. 


support, in some combination. 
This is predictable. Unless its 
well-being is a matter of indiffer- 
ence to us — and there will be 
such cases — then we must be 


Lean and Mean , They Kill the Dream 


prepared to respond, and to re- 
spond adequately. Otherwise we 
invite a cascade of costs. 

These are the real stakes, pre- 
sent and future, in arms supply 
decisions of a certain sort: deci- 
sions that affect ultimate choices 
bearing on war and peace and 
the fate of nations. The common 
argument over whether arms are 
for legitimate “self defense” and 
“stability” .or whether their pur- 
veyors are “merchants of death” 
and their purchasers warlords 
fails to cut to this operative level. 

At this level arms supply and 


N EW YORK — They were 
born in a land where work 


born in a land where work 
and hope were rights, not 
dreams, and for the rest of their 
lives it gave them a spring in 
their walk. They did not c laim 
the earth, just that part of it they 
could earn with their muscle 
and brain. They believed that 
□ext year would be better than 
this one, if not always for them, 
then surely for their children. 
Generally they turned out right. 

American optimism — for 
two centuries you could touch 
it, believe in it, as it built a great 
nation. No other country in his- 
tory had an inspiration, a sys- 
tem, a concept, a mixture of 
people, a gift of God, a heritage 
that worked as well, created so 
much for so many. 

But now American op timism 
is withering. If it expires, the 
epitaph will be: “Dead of lean 

and m ean. ” 

If you are looking for basic 
meaning in the last election, it is 
that Americans are be ginning io 
understand that the unwritten 
contract between them and 
their society is being tom up. 

The understanding was that 
in bad times everybody would 
hurt but that if the boss was 
doing wdD so would the workers 
— better wages to take home, 
more job security to build on. 

Unemployment is low — well, 
if you don't want to count young 


By A. M. Rosenthal 


black men. Inflation is under 
control, foreign trade growing, 
corporate profits generally up, 
productivity firing. But nobody 
sings and dances. Instead Ameri- 
cans are edgy. They look fa tar- 
gets — sometimes immigrants, 
the press, and in the last election 
the party in power. 

They are mad and should be 
madder. Americans know what 
is going on — that often it takes 
a husband and wife to earn what 
the husband once earned, that 
in a time that should be prosper- 
ity thousands of Americans are 
fired by companies showing 
nice profits, that if the unem- 
ployed do find a job It is at 
lower wages, and lower dignity, 
and that their kids will be lucky 


to get (hat much 
Politicians and 


Politicians and journalists use 
new terms for millions of Amer- 


ican workers and their children 
— the losing class, the anxious 
class. Yesterday’s people. 

if Americans were not anx- 
ious they would be fools. First 
they lost the right to public se- 
curity, now that of job or pride. 
Companies that once built links 
with employees now build head- 
quarters designed to keep them 
away; no personal desks, please. 

It is no tragedy when either 
party is thrown out; that is what 


elections do. The sorrow is that 
Repnblicans and Democrats 
think the solution is to throw 
the middle and working class a 
pizza or two — which is all that 
tax cuts will get them. 

As a conservative liberal and 
bleeding-heart conservative I 
bate to see il 

The real comeback chance 
now is with the Republicans; so 
far they are not approaching it. I 
ding precariously to the hope 
that some Republican of courage 
— maybe Jack Kemp, maybe 
Bill Bennett —will campaign* for 
the party to call in its chips to 
convince business executives 
that firing thousands in good 
times or shifting fuU-time work- 
ers to temporary hdp without 
benefits is not good business 
sense but a disaster in the oven. 

Give private industry the bil- 
lions wasted so far on govern- 
ment “retraining” programs. But 
tax the money back if business 
does not then show job results. 

If leanness-meanness goes on 
too long and .American opti- 
mism finally dies, workers may 
one day fill the streets again 
There will be no Franklin Roo- 
sevelt to rescue capitalism. A 
new counterculture can grow, 
this one not besotted by drugs 
and narcissism. American busi- 
ness will find out how very 
mean life can get. 

The Aw York Timet 


arms control measures become 
more than instruments of an 
American global policy. These 
are, by the way, necessary instru- 
maits, since as long as the United 
States is engaged m the world it 
will need a variety of instruments 
short of military intervention to 
influence events. Arms simply 
and arms control measures -also 
become expressions of American 
constancy and reliability. 

These are precisely the quali- 
ties that Americans and many 
others have failed to bring to their 
deliberations on Bosnia. That is 
why it is hard to take Bosnia , 
merely as a political fiasco. It is" 

also a harsh judgment on our seri- 
ousness and character. 

The Washington Post. 


IN OUR PAGES: 100, 75 AND 50 Y EARS AcTT 


1894: Turkish Troubles 


PARIS — Jin a letter to the Her- 
ald, Cyrus Hamlin writes:] The 
Armenian atrocity agitation is 
fast assuming the proportions of 
a crus ade . To denunciatory let- 
ters in the press is now added the 
pulpit oratory, and vast efforts 
are bring made to support the 
idea that all the troubles in Asia 
Minor are due to hatred and con- 
tempt of the Christian religion on 
the part of the Turks. The matter 
in reality is purely political, and 
bears a striking resemblance to 
the Bulgarian business of 1876. 
These disturbances woe fore- 
shadowed in a letter written by 
Dr Hamlin last year: An Arme- 
nian “revolutionary party” is 
causing great evil to the mission- 
ary work and to the whole Chris- 
tian population of certain pans of 
the Turkish Empire. It is a secret 
organization, managed with a skill 
in deceit known only in the East 






fi'f" ‘ 


NIK' 


vt - ' 










1 


*v„- ; _ 




1919: Safer Aero plane 

Mfchdin, the 

Frey* me manufacturer, has of-. 

tered a new prize destined to aid 
construction of an aeroplane 
greatest posril3eV 
army. The prize wfll be given to 
the machine capable of flying at 
2{ J0 Womitres an hour, ind 
which can fly [as slow as] lOldld- 
mfctres and land in 5 m&res. 




1944: Abdication Urged 

LflNOOV rr .. tr. ' ~~r - . 


JR?? our New 
York edition:] British dmlomats 


York edition:] British diplomats 
Kmg George H of^ 

pssss' 

ppKible way of ending the Gieek 
wa-, d was learned tonight, 
““S' ^ agreement 
that fighting can be ended if the 

Kmg gives up his crown. 


t* ^*4 - - ■ 

V- 

■*" - : . -7- V -J 

‘ v - 


us* 


-1 ■- V - T- ‘X, ■ 











INTERNATIONAL HERALD TRIBUNE, S ATC R D.4Y-S l r N DAY, DECEMBER 17-18, 1994 


Page 7 i 


"-I Sr ii 

Mfile 




rrj^ 

:• ShTSJftfit 

; 

i 


Japan Acts on School Bullying 

6 Teen Suicides Provoke a Ministry Prog, 


-'■*?**■ 


ram 


c z?*°- »«*—*■*. 

saSassfta 

ullying and other violence 


ly covered here on the television 
infotainment programs called 
“wide shows," has terrified par- 
ents alJ over Japan. And it has 
once again focused national al- 



ter a .suicide. There has been a 
slight increase in junior high 
cases, hut there, loo, ibe num- 
ber of reported caws is still well 

below what it was a decade ago. 


IP 3 ? 1 *teee weeks, 
It is inmonam ” 


i r . — tmportaxvt,” Education 


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education authorities to 
Strengthen their relations with 
students, parents and teachers 
in their efforts to quickly dis- 
cover school bullying. " 

Mr. Yosano instructed ail 
municipal education beads to 

adopt a five-point package, in- 
cluding a policy to accept stu- 
dents requests to move to other 
schools if they are the victims of 
bullying. 

The ministry also ordered 
teachers to be vigilant for signs 
of bullying in their schools. 

Police said Friday that the 
number of deaths in a wave erf 
student suicides had risen to 
six, despite appeals to bullied or 
troubled youths. A 14-year-old 
boy hanged himself and a 13- 
year-old boy jumped in from of 
a moving train Thursday in Sai- 
tama prefecture, north of To- 
kyo. And Jiji 


unlucky 
deemed somehow to be "differ- 
enr from the group. 

American mothers arc fam- 
ous for saying, “Just because 
everybody else does it, you 


'Every mother I 
know is terrified,’ 
Kyoto Onto, a mother 


Bui, in a homogeneous coun- 
try that is swept by periodic 
fads and “booms.” Japanese 
parents are wondering about 
their own children. “'Every 
mother 1 know is terrified." said 
Kyoko Osuio, the mother of a 
14-year-old junior ltigh student 
in Saitama, u suburb of Tokyo. 

The laiusl reports of bullying 
pose a basic dilemma: The so- 
cial pressure to conform may be 
a cause of the pitiless bullying 
of students who do not fit in. 


„ Press, quoting po- 
lice, said a 17-year-old from 


Ebirae prefecture killed himself. 

(AFP, Reuters) 

■ Wave Terrifies Parents 

T.R. Reid of The Washington 


Post reported from Tokyo: 

" suicides, wide- 


The cluster of : 


don’t have to go along." But the 
most famous maternal warning 
in Japan is, "The nail that sticks 
up gets hammered down.” 

When the TV-Asahi net- 
work’s evening news show 
asked viewers to fox in their 
views on the problem, one 19- 
y ear-old viewer wrote: "I, too. 
was bullied, until 1 figured out 
the way to prevent it was to 
make myself fit in with every- 
body else in every way.” 

Although organized bullying 
against a few individuals in 
school is a long-standing social 
problem, the number of report- 
ed cases has fallen dramatically 
since 1985, when the govern- 
ment launched a crackdown af- 


The individual cases reported 
here recently arc chilling. 


Kjyoteru Okochi. 13. who 
hanged himself Nov. 27, left be- 
hind a haunting four-page let- 
ter. It said that four students at 
his school near Nagoya, on in- 
dustrial center south of Tokyo, 
had extorted more than 511,000 
from him over three years. They 
taunted him constantly, he said, 
and when he could not obtain 
cash they held his head under 
water in a river near the school. 



Hutu Return 
Is Vital, U.S. 
Security Aide 
Tells Rwanda 


_ Ricardo Maulan/Thr Auocutcd Piw» 

Japanese troops receiving farewell salutes from colleagues as they left Goma, Zaire, after aiding Rwandan refugees. 


The buy and his parents com- 
plained to teachers, but the fac- 
ulty reportedly said the victim 
□ceded counseling and did 
nothing to the bullies. Other 
students at the school said later 
that they were aware of the tor- 
ment. 


Detente Is Leading to India- China War Games 


Roam 


JAMMU, India — India and 
China have agreed to hold joint 
military exercises next summer 
in their first combined defense 
maneuvers since fighting a bor- 


BOOKS 


XiL±npt 

-frail, 

WTTCHES AND JESUITS: 
Shakespeare's Macbeth 

By Garry Wills. Illustrated. 223 
pages. $25. Oxford University 
Press. 


Reviewed by 

Michiko Kakutani 

' Mr *23^ 

”r^»[iGr 

fsrdscj 

L-r.t. fire; 

L • WfSXj 

-■ ■ 

IT AVING tossed off a high- 
XX ly perfunctory study erf 
leadership in his last book, 
'‘Certain Trumpets" (published 
last spring), Garry Wills happi- 
ly returns to serious scholarship 
in “Witches and Jesuits." 

His subject, Shakespeare’s 
"Macbeth,” dearly lacks the 
historical significance of the 


-j Gettysburg Address — the sub- 
ject of his remarkable book 
“Lincoln at Gettysburg: The 
Words That Remade America" 
( 1 992) —but his use of a similar 
methodology yields some fasci- 
nating, insights into' both the 


play and its political contort. 


fills focuses on the origins 
of “Macbeth," the play’s rela- 


tionship to events of the dap 


and its rhetorical structure, 
sees the play less as a psycho- 


logical study of a man undone 
by ambition than as a political 
allegory about regicide and its 
apocalyptic implications for a 
society as a whole. 

Wills argues that "Macbeth’’ 
is essentially a "Gunpowder 
play,” that is, a play dealing 
with the unsuccessful 1605 plot 
against King James I. 

To convey the magnitude of 
the Gunpowder Plot, Wills sug- 
gests that the reader "imagine 
America in the 1950s, and sup- 
pose that a Communist cell — 
made up of Americans acting 
under foreign direction — has 
planted a nuclear device under 
the United States Capitol” 
timed to go off during a presi- 
dential address to Congress. 
The president, however, deci- 
phers a crucial due, and the 
device is discovered and dis- 
armed: “The Leader of the Free 
World thwarts godless commu- 
nism," Wills says, "vindicating 
the providential role of the 
United States in an apocalyptic 
time of confrontation between 
Good and EviL” 

Wills continues: “And that is 
the way godfearing English sub- 
jects interpreted the attempt on 


their sovereign’s life and gov- 
ernment in 1605. . . .A cell of 
papists — the ‘enemy within’ of 
that time, directed from Rome 
hy skulking Jesuits — had trun- 
dled keg after keg of gunpowder 
into a vault under Parliament." 

Although the plot was 
thwarted. Wills says, relief “was 
tempered with fear that the 
hand of Rome had come so 
close to ending legitimate Brit- 
ish rule.” King James moved 
quickly to promulgate an offi- 
cial interpretation of the Pow- 
der Treason that was meant to 
allay public anxieties. 

As Wills sees it, echoes of this 
official interpretation can be 
found in Gunpowder plays like 
“Macbeth,” which boost a simi- 
lar vocabulary of images and 
which share a startling constel- 
lation of elements, including 
witches, necromancy scenes, 
acts of completed or attempted 
regicide, repeated references to 
equivocation, and loyalty tests 
involving deceptive language. 

In “Macbeth." regicide lies at 
the very heart of the plot. It is 
Macbeth’s derision to murder 
King Duncan that sets (he rest 
of the story in motion, and 


Shakespeare depicts that primal 
killing as a kind of sin against 
the natural order of God. 

For Wills, the witches who 
prompt Macbeth to murder are 
not simply emanations of Mac- 
beth’s inner conflicts, as many 
modem critics have argued, but 
symbolic emissaries of the Dev- 
il, associated quite specifically, 
at least for followers of King 
James, with Jesuitical plots 
against the throne. 

Some of Wills’s discussion of 
the supposed curse that has at- 
tached itself to performances of 
“Macbeth" is silly and superflu- 
ous, But nonetheless. “Witches 
and Jesuits" remains a lively 
and provocative read. 


Michiko Kakutani is on the 
staff of The New York Times. 


NEW AUTHORS! 

PUBLISH YOUR WORK 

ALL SUBJECTS CONSIDERED 
Auttxjrs Wortd-wkJe invited 
Write or send your manuscript k> 

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[2 OLD BROMPTON RD. LONDON SW73DQ 


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PARIS and SUBURBS 

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FLORENCE 

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FRANKFURT 

CHURCH OF CHF4STTWE KING (Epfea>- 
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BRATISLAVA 

INTERNATIONAL BAPTIST CHURCH. 
(Engfish tanguage, avangelcal) Zrtnstefco 
2,1230 Suiday - Ben Hanna. TeLTl5387. 

BREMEN 

INTERNATIONAL BAPTIST CHUTOH (En- 
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BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Sttada Papa Rusu 22. 300 pm Contact 
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BUDAPEST 

INTERNATIONAL BAPTIST CHURCH, 
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PRAGUE 

J S 

Prague 3. At mere step JHuz Podebrad 


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2J 3117974. 


(02)31 

WATERLOO 

Waterloo 

at Swedteh Chudi, Chauseae cte 
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WlIPPRTAL 

imamatlonte BapfisS Church. Englsh. Gcr- 
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21. Wfeppartel - Ebernd A* denorrUnatons 
welcome. Hens-Dteter Fraund. pastor. 

TeU 02094698384. 


ton Battmny ter. CJIher meetings, cal Ras- 
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5 rue floquepna 75006 

MUNICH 





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SALZBURG 


MUNICH 

THE CHURCH OFTHE ASCENSK3N, Sun. 
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BRUSSELS /WATERLOO 

ALL SANTS’ CHURCH, IS SunOS 11M5 
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, TeL 2503932. 

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Ptl. (05141)46416. 

dOssgloorf 

INTEW4ATIONAL BAPTIST CHURCH. Eri- 
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Afl denomtaaltons wetcome. 

■turther intametlon cal the pester: Dr 
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furl and Taunua areas. Germany, Sunday 

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Hon. 

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na* 


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der war in 1962, Indian officials 
said Friday. 

The joint exorcises will be 
held along the border in the 
Himalayan region of Ladakh, 
officials in the winter capital of 
the northern state of Jammu 
and Kashmir said. Defense offi- 
cials in New Delhi confirmed 
the exercises. 

“It’s part of a friendly, mutu- 


al, confidence- building mea- 
sure, " a defense official said. 
Officials did not say which 
armed services would be in- 
volved. 

The decision to hold joint ex- 
ercises reflects steadily warm- 
ing relations between India and 


China, which fought a brief 
!96lL 


EU to Aid Ex-Soviet Lands 

The Associated Press 

BRUSSELS — The Europe- 
an Union said Friday it would 
provide S92 million in food 
and other assistance for refu- 
gees, 


border war in 1962. Last year 
the two countries agreed to set- 
tle peacefully a dispute along 
their rugged 4,000- kilometer 
(2,500- mile) boundary. 

China claims 90,000 square 
kilometers in India's northeast- 
ern Arunachal Pradesh state. It 
also regards India’s northern 
Sikkim state as disputed. India 
says China occupies 33,000 


square kilometers in the Aksai 
Chin region of Jammu and 
Kashmir. 

After Prime Minister P.V. 
Narasimha Rao of India visited 
Beijing last year, both countries 
agreed to a partial reduction of 
troops along the border. 

The withdrawal has enabled 
India to move troops to other 
border states to fight separatist 
insurgencies, including in Jam- 
mu and Kashmir, where 17,000 
people have been killed over the 
last four years. 

India and C hina may hold 
subsequent joint exercises along 
the border in northeastern In- 
dia if the maneuvers in Ladakh 
are successful, officials said 


war. 


ADVERTISEMENT 


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•P. v 

: . 4 . j 


and academics firing in Europe and the United States ) 


■*«*.*,. 
.• < s 




St is with deep sorrow that we announce the tragic death of a brave and popular Iranian novelist and writer in the hands of the 
executioners of the theocratic regime in Tehran. 

On 27 November 1994 the statecontrofled media in Tehran announced the death of Afi Akbar Sandi-Sirjani in an unnamed prison. 
The official statement gave heart attack as the cause of his death. Mr. Svjani was in best of health before Ws arrest nearly ten months 
ago. The circumstances of his long imprisonment, without any official charge and his siiisequent torture and death are such that it is 
widely befieved he was tortured to death. 

SaSdirSrjani was an essayist and novelist who achieved prominence after the 1978 revolution mainly because he chose to stay in 
Iran, rather than go into exile, to continue his writing career. His choice to remain in Iran meant that he had to comply with the 
constitution and laws erf the regime as do other writers and journalists who live in Iran. Being a talented writer and popular humorist, he 
was able to expose the regime in his writings even though he kept himself within the narrow confines of the regime's strict censorship 
practices. Weed one year after the death of Ayatollah Khomeini he was so optimistic of the blowing wind of change that he undertook a 
trip abroad to talk to exiled Iranians trying to encourage them to return home. 

However, soon he found out that tis optimism was Ukonceived. He was harassed and intimidated. AH copies of his books which had 
already cleared the regime's censorship were confiscated, Imposing crippling financial losses on ten. 

Undeterred, he continued Ns crusade until nearly a year ago when he was arrested by the agents of the regime. Officially no 
charges were brought against him, but in the fore with the regime's style, fabricated reports were leaked" to the regime controlled 
media alleging that he was a foreign agent, he had been in touch with the opposition abroad, alcoholic drinks and opium were found in 
tis possession and that he was suspected of immoral acts. In fact, before his detention he had warned that if n captivity he efid make 
confessions erf guilt everyone must know that he had been forced to do so. 

During his ten months long detention Ns ptaceof confinement was kept secret, his wife and other members of his family and friends 
were denied access to Nm. He was never brought before any court of law. He was denied access to a lawyer. No outside independent 
authority was ever allowed to meet him, though Ns detention had aroused widespread outrage by prominent world writers and various 
international orgedzationsinduefir^ PEN Club. 

ki view of the above, and suspicious circumstances of Mr. SamfrSirjani’s death, we the undersigned cal ipon the PEN Clubs, writers, 
poets, journalists and hiffnanifcarian organizations everywhere and in particular in Western democracies to join us in mating the foiowtng 
demands: 


1. The world community and in particular the Western media and governments must in tire strongest terms condemn the Islamic 
republic's oppressive rules and behavior against Iranian writers, artists and journalists. 

2. The Islamic republic must be made accountable to the international community for the death of Afr. Saiicfi-Sirjani. 

3. Immediate investigations should be undertaken of the circumstances leading to Mr. Safidi Sirjanfs death by an independent team 
of world writers selected tv President Vaclav Havel of Czech RepubSc and also by the UN High Commissioner for Human Rights. Thar 
reports should be made public as soon as possible and be presented to the PEN Dubs and to the UN Commission erf Human Rights. 

4. Treatment of all writers, poets, actors, artists and journalists in Iran must be made the subject of continuous worldwide scrutiny 
and reports. 

5. Failure of the regime to allow independent investigation of Saftfi-Sajani's death and study of cases of detained journalists and 
writers must be taken as a sufficient cause for the world commmity of writers, poets, actors, journalists, artists and other intellectuals 
to condemn the clerical regime n the strongest terms, to .mobilize international shame against it and to press their governments to 
mpose sanctions such as closure of IRNA offices, the regime's socalled Cultural Offices, ... in their countries. 

Dr. Aaiami Shahnaz, poetess; Mr. Ahmadi Hamid, artist; Mr. Afshar Nader, journalist; Mr. Azad Ebraten, Interpreter; Mr. Aineh Afi, 
pod; Dr. A&Mohamadi Ghdamali, medical doctor; Dr. Asghari ABAsghar, medical doctor, Mr. Amir-Ghiasvand Assadoflah, journalist; 
Dr. Agftatfiani Ebraten, medical doctor; Mr. Ahari Djamshid, actor; Mr. Arjang Houman, actor; Mr. Assemi Mohamad, journalist, writer; 
Dr. Afzal Manouchehr, academic; Ms. Amir-Chari Mahchid, writer; Ms. Arbabi Mehri, writer; Dr. Afkharrf Gholamreza, academic; 
Ms. Abasatti Pari, journalist; Mr. Alteneh Jafar, lawyer, Mr. AssadoUati Massoud, director, producer; Mr. Azari Siavoche, journalist; 
Mr. Alai Mansour, philanthropist; Dr. Arbabi Afi Mohamad, writer; Mr. Babayan Massoud, philanthropist; Mr. Batmangheiich Bahman, 
businessman; Ms. Boroumand Ladan, researcher; Mr. Behnam Hassan, journalist; Mr. Chafo Afi, writer; Mr. Choraka Mohamad Afi, city 
development; Mr. Charafchahi Sineus, journalist; Mr. Chirazi Ahmad, writer; M-. Danechi Ahmad, writer; Ms. Darabi Parvin, researcher; 
Mr. DjanBar-Sang Taher, poet; Mr. Dehghan Abdofmar^d, journalist; Mr. Daemi Fereydoun, joumafist; Mr. Davoudian Ahmad, lawyer; 
Mr. DjahatvBakhch VafoBah, poet, caricaturist; Mr. Djafar-Nejad Asghar, writer; Mr. Ojavani Amir-HeschmatoUah, journalist; Dr. Egba! 
Eghbal, academic; Mr. Etemadi Nader, journalist; Mr. Ezazi Houshang, journalist; Mr. Elahi Sadredine, writer; Mr. Esphehani Parviz, 
journalist; Mr. Farhadi Ali, actor; Mr. fouladi Faze), educationalist; Mr. Farouche Yadollah, writer; Mr. Fouladi Babak, joumafist; 
Mr. Farchbaf Iradj, educationalist; Mr. Farazmand Touradj, joumafist; Dr. Ganp Manouchehr, Human Rights Organisation; Dr. Ghafarpour 
Farhad, medkal doctor; Ms. Ganp Rokfisaneh, researcher; Mr. Ghahremani Iradj, journalist; Mr. Ghobad Djalal, musician; Mr. Ganji Darab, 
pofitica^econorrtst; Dr. GorouM Hossein, acametfc; Dr. Gan^Bakhch Hossein, educationalist; Mr. Ghanbari Shahryar, joumafist; Mr. 
Hat§Moniri Medhi, Pilot; Mr. Hakimi Hachem, writer; Mr. Hedjazi Mir-Mohamad, poet; Mr. Homayoun Daryouch, writer, joumafist; Mr. 
Haeri Safa, journalist; Dr. Hekmat Hormoz, academic; Dr. Hoveida Fereydoun, writer; Dr. Irani Ahmad, lawyer; Mr. Irani Mehrdad, 
journalist; Dr. Irenmehr NStra, medical doctor, Mr. Karim Reza, irterpeten Mr. Kargar Darioush, writer; Ms. Kechvari Chahine, joumafist 
Mr. Khaghani Yahya, interpreter; Mr. Kamran Ramin, academic; fifr. Khatchatourcan Rafi, actor, producer; Mr. Kardan Parviz, playwrite, 
actor; Mr. Khairkhah Daryouch, pilot Dr. Kamali Manouchehr, lawyer; Mr. Katantchi Modjtaba, writer; Ms. Kordebatohe Chahine, 
educationalist; Mr. Khorsandi Hadi, journalist, humorist Dr. Laieh-Zari Iradj, academic; Dr. Laieh-Zari Parviz, academic; Mr. Loffi Morteza, 
journalist Mr. MirBakch Hossein, poet writer; Mr. Madpdi Karim, producer; Mr. Mansouran Abbas, interpret Dr. Mortazavi Akbar, 
medical doctor; Ms. Mahdavi Chirine, academic; Mr. f^r-Fetros AS, writer, historian; Mr. MoeziPbur Afireza, musician; Mr. Mehr Daniel, 
acton Mr. Mahalati Mohamad, joumafet Mr. Madjfcl-Zadeh Ahmad, educationafist Dr. MohamadftNejad Hassan, academic; Dr. Moussavi- 
Nassl Mohamad, lawyer; Dr. Momayez Habib, academic; Mr. Morovati Assadollah, Radio Owner, LA, C A; Mr. Mir-Hachem Hossein, 
p^nafist; Mr. Modi-Zadeh Bahman, reserach feOow; Mr. Morovati Afireza, Radio director Dr. Mesbahzadeh Mostafa, academic, 
journalist Mr. Meibodi Afireza, joumafist Mr. Metiraz Rahmat, academic; Mr. Manteghi Aman, writer, poet Mr. Mazlouman Reza, 
academic, joumafist Ms. Mirhosseirt Akram, women Liberation Movement; Mr. Mohri Hossein, journalist Mr. Nouri Nima, writer; 
Mr. Naderpour Nader, poet Mr. teknam Faitorz, educationalist Dr. Nabavi Hassan, academic; Mr. Ostovar Yavar, writer, poet 
Ms. Pajotiiesh Azar, journalist Mr. Pars’ Toured, joumafet Mr. Pahlevan Abbas, journalist Dr. Razmara Manouchehr, medical doctor; 
Ms. rate Roya, jourrafct Dr. Rabani Gholamreza, medical doctor; Dr. Rochane-Zamr Monika, academic; Mr. Raha Farhad, journalist 
Ms. Rakbchan Parvine, poetess; Mr. Sakha Reza, artist Mr. Sattar, singer; Mr. Sayad Parviz, playwrite, actor, producer, Mr. Saberi 
Nanman, NoveLwriter, Or. Seyhoun Farideh, academic; Dr. Sefafen Massoud, city planner; Ms. Sekandari Pari, writer, joumafist 
Mr. Saboun Rouzbeh, researcher; Dr. Sattari Mohamad, academic; Mr. Souresrafil Behrouz, joumafist Mr. Sabet-lmani Parviz, jotriafist-' 
Nte. Sardiar Homa, poet; Mr. Ssrangue Wfir-Taghi, lawyer; Mr. Sedghi Djamchid, lobbyist Dr. Tehran Manouchehr, academic; Dr. Torbat 
Tehrani Vahfd, lawyer; Mr. Tchalanghi DjamsWd, joumafist; Mr. Tofighi Kazem, caligrapher; Mr. Tofighi Bagher 
Radto cfirector, Mr. Tehran Ghassem, engineer; Dr. Taherian Mohamad Taher, medical doctor; Mr. Vakilzadeh A'amak, writer, Mr. Valai 
Anw, journalist Dr. Yazdi Hossein, journalist Dr. Youssefian ChaWiaz, medical doctor; Mr. Zaree Homhang, businessman. 

ASSOCIATION Otruce €1 X DtKNS CES DRCRS tt LTIOliME OWAf : 29 neSH^stiowB 75008 P»ts 


Reuters 

KIGALI, Rwanda — Presi- 
dent BUI Clinton’s national se- 
curity adviser told Rwanda’s 
government Friday that the re- 
turn of Hntu refugees scattered 
in neighboring countries was vi- 
tal for the nation’s stability. 

The adviser. W. Anthony 
Lake, also said that the repatri- 
ation of hundreds of thousands 
of Rwandan refugees now liv- 
ing in squalid camps in Burun- 
di, Tanzania and Zaire would 
also help the country in its pro- 
cess of national reconciliation, 
Rwandan officials said. 

Mr. Lake, the most senior 
U.S. official to visit Rwanda, 
spoke in a meeting with Prime 
Minister Faustin Twagira- 
mungu. 

The refugees, mainly from 
the majority Hutu ethnic group, 
fled their country between 
April and July after the assassi- 
nation in April of the military 
strongman, Juvenal Habyari- 
mana, a Hutu, triggered a civil 
war. 

Most European countries are 
insisting on the return of refu- 
gees, the observance of human 
rights and a movement toward 
democratic rule before they un- 
lock aid to Rwanda. 

But most of the refugees re- 
fuse to return to their home- 
land, saying they feared that the 
new government’s Tutsi-domi- 
nated Rwanda Patriotic Front 
army would kill them in revenge 
for the massacres. 

The charges have been 
backed by a UN agency and the 
London-based Amnesty Inter- 
national. 

A UN war crimes prosecutor, 
Richard Goldstone, is to be 
Rwanda on Monday and Tues- 
day to discuss setting up an of- 
fice to investigate and prosecute 
atrocities in the Rwandan civil 







INTERNATIONAL HERALD TRIBUNE 


ART 


Saturdav-Sunday, 
December 17-18, 1994 
Page 8 




Sale of a Manor’s ‘Treasures’ Reflects a New Age of Hype 


International Herald Tribune 

L ONDON — We have entered 
the age of myths and slogans. 
The novelty is that their im- 
pact is now hitting the art 
scene. Get the media to talk about “art 
treasures” and “time capsules,”, throw 
in the name of a famous English coun- 
try house, outlining its history and 
dwelling on its eccentric, characters, 
and you are dose to having another 
“sale of the century." 

Christie’s, whose marketing skills 
are beginning to make those of Soth- 
eby's look conservative, has demon- 
strated that it takes a homeopathic 
dose of good objects to pull off a £21.2 
milli on ($30 million) sale. 

It happened on Thursday of last 
week in just four hours. The subject 
was Houghton in Norfolk, built by 
Robert Walpole. The hard-back cata- 
logue mused about the fate of his de- 
scendants, the Marquesses of Chol- 
mondeley, their marriage in this 
century into an Arab Jewish family 
from Baghdad, the Sassoons, one of 
whom married a Rothschild heiress. 

By the time the reader was through 
with the three introductions to the cat- 
alogue, particularly the brilliant pro- 
file of *Sir Philip Sassoon, BT” by 
James Knox, be felt part of the family. 
All there remained for him to get in 
was to acquire a few baubles. And 
history has no price. 

Starry-eyed buying was in evidence 
right from the beginning. Gilded 
bronzes (onnolu in 18th-century Eng- 
lish) and porcelain from China with 
gilded bronze mounts in the Louis XV 
taste were obviously favorites with 
Philip Sassoon and were chiefly re- 
sponsible for giving a French feel in 
the Rothschild style to much of the 
Houghton decor. 

It may have prompted what must 


have been a royal gift to the family: 
Lot 10, described as a Regence gflt- 
bronze and Chinese aubergine-glazed 
potpourri and cover. The Kan gxi por- 
celain now shows an old repair, and 
two broken legs in the ormolu mount 
seem to have been entrusted to the 


SOURENMELOOAN 


loving care of a local plumber — lead 
solder is smeared on either side of the 
breaks. 

But this damage was dwindled into 
insignificance by an old label from 
Buckingham Palace, duly illustrated in 
Christie's catalogue, as befits such an 
exalted document The damaged pot- 
pourri ended its upward course at 


poum endec its upward course at 
£18,400. 

This whetted appetites. Another 
potpourri of Kangxi, green porcelain 
with gilded mounts in the best early 
Louis XV rocaille style, climbed to 
.£47,700. Before World War II. it 
stood on a Swedish table flanked by 
two Louis XV armchairs in the “oval 
drawing room’ 1 at 25 Park Lane, one 
of the Cholmondeley houses, which 
was demolished in 1 946. A black-and- 


white reproduction faces the fall page 
color, driving home the fact that, bro- 


bronze fittings are fine, the condition 
is excellent 

This is more than can be said for 
the two bronze swans that followed. 
As they came up the auctioneer. Lord 
Hindlip, read out a notice to rectify 
the catalogue. One of the swans had 
had its neck twisted and put back in a 
different position to make it look like 
a match to the other. 

The “pair” had nothing to do with 
La Pompadour, contrary to what was 
suggested in the catalogue. And, ac- 
cording to Michel Meyer, a leading 
Paris dealer in the French decorative 
arts who is widely credited with hav- 
ing the best eye for gilded bronze, the 
swans have nothing to do with the 
18th century either. The sculptural 
handling, particularly in the head and 
the chasing, point to the Napoleon IH 
era, Meyer says. 

Fortunately the buyers were not 
there for La Pompadour. They were 
buying Houghton-cum-Rothschild 
relics. The bill for the pair rose to a 
mind-boggling £408,500. 

There was more to come. Sybil Sas- 
soon, the sister of Philip, acquired 
from an unspecified source a pair of 


Were the onnolu mounts executed 
in the 18th century? Meyer mai n tains 
that this is impossible. The handling 
of the heads, he says, has the hallm ark 
of Antoine Louis Barye’s age. The 
scales on the serpent's hide also be- 
tray the hand of a mid- 19th century 
bronzemaker. 

Not least, the matting in the sunken 
panels on the sides of the square ped- 
estal was executed with a tool that 


signed by Joseph Baumhauer, whose 
signature is stamped on the piece, and 
perhaps adapted later in the century 
by Jean-Francois Leleu, whose signa- 

ite nrmn u 


Uj jwou-1 a ^ . 

rare is also stamped. With its onnolu 
fittings by the famous Caf fieri, it is 

- . .. i: . -f I7iww*h 


11LU11U UJ Mi- - 

typical of the earliest wave of French 
Neoclassical furniture in the 1740s 
and 1 750s. At £903.500, the price may 
be seen as reasonable in view of its 
considerable importance to the histo- 
ry of European design. 


H«d a bigger point than was custom- 
ary in the llth century, hence the 
coarsely pitted surface instead of the 
very fine shading effect favored in the 
1 8th century. Could the pedestals be 
replacements? No, Meyer replies. The 




fittings were all done by the same 
hand. Judging from the furious bid- 
ding that culminated in an amazing 
£1,926,500, there were no doubling 
Thomases in the attendance or on the 
phone to Christie's. 

Amusingly, one of the most perfect 
18th-century objects to be seen any- 
where, a “cartel," i.e. a bracket clock 
with the figures of Pegasus and Per- 
seus, could be bought for £63300. By 
the standards of that sale, the high 
price seems moderate. Add one of the 
three sets of ormolu-mounted Chi- 
nese porcelain sold for £507300, and 
that was about it for small 1 8 lh -cen- 
tury objets d’art of the highest order. 
As “time capsules” and “art trea- 
sures" go, this one looks pretty much 
Lilliputian. 

That impression was borne out by 


T 


HERE were a few important 
English pieces that can be 
called part of the historic 
fabric of Houghton. A pan- 


color, driving home the fact that, bro- 
ken as it might be, the potpourri was a 
piece from a Cholmondeley house. 

But what buyers wanted most were 
chunks from Houghton itself. Their 
first really good chance was a pair of 
Louis XV potpourris in the form of 
blue porcelain snail shells. These once 
sat on a Louis XV table in the “white 
drawing room.” A black and white 
photograph, following the full page 
reproduction, again provided the evi- 
dence. It sent the two snails to a 
stunning £104,500, double the high 
estimate. At least, these are rare and 
outstanding objects. Their gilded 


porphyry vases with gilded bronze 
handles in the shape of lions and 
stems designed as coiled serpents on 
rectangular pedestals. Given the am- 
bitious nature of the objects, lack of 
provenance is curious. 


T HE wonderful design is as- 
cribed by Christie’s to Enne- 
m on d -Alexandre Petitot on 
the analogy of “a related 
vase pattern surmounted by cocker- 
els.” The model itself is nearly 


of burr-walnut and parcel-gilt chairs 
•ninnlied to Robert Walpole as part of 



supplied to Robert Walpole as part of 
a large suite climbed to £287300. An 
armchair, striking for the quality of 
the carving, which was supplied by 
Richard Roberts, carver and joiner to 
the Royal Household, on the occasion 
of the coronation of Queen Caroline 
in 1727, went op to £287300. 

More surprisingly, perhaps, a re- 
cord for English 18th-century seats 
was set by a pair of gilt gesso arm- 
chairs from the “Cannon’s suite” at 
an astronomical £881300. Clumsy in 
des ig n, they are none too well carved 
as witness the human mask of plumed 
“Indians” on the legs. 

The sale is a landm ark- For the first 




A: -feet 


time gigantic prices were paid primar- 
ily for a provenance, regardless of 
merit, period or style. The good car- 
ried the bad. Money was poured over 
the pieces as if the spenders had been 
at a loss what to do with it, sending a 
mix of messages — awareness that art 
supplies dry up, eagerness to buy the 
personal belongings of role models, 
and, most ominously, the triumph of 
Big Brother culture. 


the furniture. The gems are quickly 
counted. There were two admirable 
Boulle marriage caskets on stands 
that were sold for £1,541300 to a 
New York dealer on behalf of a client. 
This set a record in their category. 

The other great French piece is an 
ebony display cabinet, probably de- 


matched by a 1764 engraving by Ben- 
igo Bossi, the one difference being the 
pedestal. It is circular in the engrav- 
ing and square in the actual objects. 



A pair of Boulle marriage caskets sold for £I,54l,S00i 


1902 Art Nouveau Show Recast The Great Boston Art Heist 


By Roderick Conway Morris 

International Herald Tribune 


T URIN — “Life must be brought 
closer to art, if art is to be 
brought bade to life,” declared 
the committee of the First Inter- 
national Exhibition of Modern Decora- 
tive Arts, held in Turin in 1902. 

Art Nouveau, so-called in the French- 
and English-speaking worlds after Samuel 
Bing's shop in Paris in the Rue de Pro- 
vence, though still dubbed “Liberty” in 
Italy (after Authur Lasenby Liberty’s 
London emporium on Regent Street) and 
Jugendstil (after the Munich review Ju- 
g end) in Germany and Scandinavia — 
was then at the height of its fashionability. 

Its ubiquitous, sometimes riotous, flo- 
ral and vegetable motifs, balletically in- 
clined, long-haired, post-Pre-Raphaelite, 
born-again Botticelli an female muses and 
whimsical love of asymmetry and decora- 
tion for decoration's sake were offering a 
kind of pastoral, Edenesque refuge from 
the inexorable march of the machine age. 

More than 700 pieces, shown in the 
original exhibition, ranging from furni- 
ture, ceramics, glass and metalwork to 
embroideries, books, prints and photo- 
graphs, have been painstakingly tracked 
down and brought back here from all over 
Europe and the United States, for “Turin 
1902: International Decorative Arts in the 
New Century,” a revealing partial re-cre- 
ation of the most comprehensive interna- 
tional review of Art Nouveau ever staged. 

The principal venue is the Promoirice 
Delle Belle Arti gallery in the Parco del 
Valentino on the Hanks of the Po, where 
the temporary pavilions for the 1902 show 
were buDt, with an additional section at 
the City Gallery of Modern and Contem- 
porary Art (both until Jan. 22). 

Some countries at the time seem to have 
regarded the Turin Exhibition as primari- 
ly an opportunity for nationalistic drum- 






Bing, the owner of L’Art Nouveau, and 
Julius Meier-Graefe of La Maison Mo- 
dern e, the two outstanding promoters of 
Art Nouveau in France, who were both 
German- J ewish in Origin, should on no 
account be allowed to exhibit under the 
French flag. (Both were ultimately grant- 
ed artistic asylum in spaces attached to 
the Italian pavilion, where they showed 
the only French offerings worthy of com- 
ment, including a striking stained-glass 
composition, on view here, designed by 
Toulouse-Lautrec and made using Tiffa- 
ny’s latest techniques.) 

Meanwhile, the German authorities 
also regarded the occasion as a show 
window to promote the superiority of 
their industry and culture generously 
subsidizing their contributors — the kai- 
ser made a personal contribution toward 


Tantalizing Leads , but No Real Clues , in 1990 Theft 


By Ralph Blumenthal 

Sew lofft Times Serncr 


Tssm 


B oston — it was an 

electrifying tip. the 
kind of promising 
break that the FBI had 
been hoping for since the early 
hours of March 18, 1990, when 
a brazen robbery team looted 
the Isabella Stewart Gardner Ws 
Museum of treasures valued at W* 

$300 million. 

Across the world, two Ameri- 
can teachers had gone to dine at 
the mansion of an eccentric 
Japanese artist and collector. In 
a crimson ballroom, gaudily 
adorned with paintings and 
statues, one of the visitors, who 
came from Boston, thought he 
recognized a familiar work: 

Rembrandt's “Storm on the Sea 
of Galilee,” one of the missing 
masterpieces from the Gardner. 

The sighting last April sent 
FBI officers, a museum official 
and Japanese police officers 
scrambling with a search war- Among the 
rant to the mansi on, where a stolen art 
smiling if puzzled host wel- works, vat - 
corned them with platters of fruit ue( j $300 
and consternation at the uproar .... 
over a reproduction that had million, is 
hung in his home for 40 years. Vermeer s 
The nearly five-year quest to “The Con- 
solve what has been labeled the f •• 
biggest art theft in history has 
led down many such dead ends, 
investigators and museum offi- 
cials say. 

There was, for example, the 
fonner museum employee who Also ^ 
left abruptly and faded a he , - 

detector tesL And the onetime . "Jf 
Irish Republican Army gunrun- fs ‘ " The S /0 
ner who was reported inclined on the i 
to discuss a big art theft before of Galile 

he was shot to death. And the , r, . 
con man who had mastermind- aVKenwi ant 
ed a bungled museum theft with 
haunting similarities to the _ . „ 

Gardner robbery. street ^ as 


the mounting of the German display. 
Raimondo D’Aronco (1857-1932). Ii- 


Detail of 1894 poster for architect 
Paul Hankar, in Turin show. 


beating. One French art journal depicted 
the forthcoming event as “one of the bat- 
tles in the war involving all nations for 
supremacy in industrial art, perhaps even 
a decisive battle,” suggesting that it was 
the patriotic duty of aB French artists and 
industrialists to participate “en masse.” 

However, the groups responsible for 
the French entry fell out with one another, 
and it appeared that there would be no 
French entry at alL The Dreyfus affair, 
which in 1902 was still not entirely re- 
solved, the Jewish officer having received 
a presidential pardon after a second 
court-martial had again fo und him guilty 
of treason, had deeply divided the country 
in the proceeding years. 

But when it came to the Turin show, 
all the authorities involved manifested a 
remarkable unanimity on one point: that 


Raimondo D’Aronco (1857-1932). It- 
aly’s leading Art Nouveau architect, was 
selected by competition to build most of 
the pavilions — a task he had to cany out 
mainly by remote control, since he had 
by then been appointed by the Turkish 
sultan, Abdul Hamid, as “Imperial Ar- 
chitect to the Abode of Felicity." 

Regrettably, D’Aronco is now a little- 
known figure, partly because many of his 
delightful buildings in Istanbul have been 
demolished. But seeing in the current ex- 
hibition his highly attractive and evoca- 
tive watercoior designs for the proposed 


pavilions, one can easily understand why 
D’Aronco was the organizers’ first choice. 


D’Aronco was the organizers’ first choice. 

Charles Rennie Mackintosh (1868- 
1928) and the other Scottish contributors 
raised considerable interest in Turin, and 
the originality and stylishness of thezr 
work still shines through today. 

Among the daring innovations of the 
1902 show were pavilions exhibiting 
photographs (presented for the first time 
as an art form in Italy), motion pictures, 
and cars and motorcycles. 


ART EXHIBITIONS 


GREAT BRITAIN 


FRANCE 


ARTSCOPE INTERNATIONAL 


WALLY FINDLAY GALLERIES INTERNATIONAL 

2, Av. Matignon - 4S, Av. Gabriel - 75008 PARIS 
Til. 42.25.70.74 - Fax: 42.55.40.45 


Vermeer s 
"The Con- 
cert. ” 


Also among 
the missing 
is "The Storm 
on the Sea 
of Galilee . " 
bv Rembrandt. 



gerprints from the crime scene 
have yet to be matched to any 


have yet to be matched to any 
possible suspect 


B UT investigators were 
not devoid of dues. 
The two guards, while 
badly shaken, were 
able to provide some descrip- 
tion of the robbers. One was 
said to be in his late 20s to early 
30s, 5 feet 7 to 5 feet 10, with 
short-cropped black hair, a nar- 
row face, squarish gold-rimmed 
eyeglasses, a shiny dark mus- 
tache, apparently fake, and a 
“possible Boston accent” 

The other was said to be in 
his early to mid-30s, about 6 
feet tall or 6 Toot I, 180 to 200 
pounds, with puffy black hair 
and also an apparently fake 
blade mustache. The uniforms 
and shields may also have been 
bogus, although the FBI spent 
many fruitless hours in costume 
shops and flea markets try ing to 
trace them. 

Both robbers carried on their 
bel ts square black radios, one of 
which crackled with barely in- 
telligible voices reciting police- 




street talk, as if some fearsome 


Competitive asset protection 
from an established insurance 
broker offering a discreet and highly 
personalised service to discerning 
diems throughout Europe. 


But investigator say they are cr ' mc clamped a lid 

far from clueless. In fact, there 0 °’° r WIed the actual thieves, 
seemed at times an excess of which may, m fact, be another 


Until January 14. 


dues and suspects. But so far no possible due. 

sign of the missing works, '? ctun of *he histone 


ARDISSONE - AUDIBERT - BOURRli - CARSUZAN 
CHAURAY- DUBORD - FABIEN - GANTNER - GAVEAU -HAMBOURG 
KLUGE - MALY A - SEBIRE - TCHOUBANOV - VIGNOLES 


which included one of the few f°bt>ery is one of Boston’s most 
known works by the 17th-cen- beloved institutions, a recreated 


tuiy Dutch master Jan Ver- I 5 ? - *®?? 1 * 

meet, two Rembrandts, one of hmlt b*w«n 1899 and 1901 by 


bance, persuaded a guard to 
open the museum’s side door on 
Palace Road. Tricking him into 
summoning his only partner 
from rounds in the galleries, the 
intruders, who displayed no 
guns, handcuffed the two 
guards and duct-taped them to 
pipes in the basement. 


type code numbers, suggesting 
the presence of lookouts, a get- 
away crew and transfer vehi- 
des. 

Among the mysteries is what 
use could be made of the pic- 
tures, given their notoriety. 
“What does a thief do with a 
Vermeer?” asked William 
McMufiin, a spokesman for the 
LBI in Boston. “You don’t just 
roll it up and walk into a gallery 
and say, ‘Can I have $30 million 
for this?;” Actually the Ver- 
meer, which is considered price- 
less, has been assigned an arbi- 
trary valuation of $100 mffliaiv 
a third of the FBI’s latest esti- 
mate of the worth of the loss. . 

Teny Lenzer, chairman of 
Investigative Group Inc, a 
Washington-based agency that - 
has been advising the Gardner, 1 
said the investigation had so far 
amounted to “years of frustrar- 
gon,” with more likely to come. 
“There’s no light at the end of 
the tunnel, as Westmoreland 
used to say,” he said, 

Arnold Hiatt, a Gardner 
trustee, said there were bouts of : 
gloom about the prospects of 
recovery and moments of impa- 
hence with the FBI investiga- 
tion. But he said it was consol- 
u»g to know that such thefts ' 
commonly take five to seven 
years to solve. 

Falwn said he was resigned 
to further disappointments but 
aiso hopeful of possible breaks,' ' 
I™sumg every twist and turn.’ 

* fre this won’t' go - ' 
away,” he said. 


them the artist’s only seascape, 311 society doy- 


five by Degas and a Manet. enne, Isabella Stewart Gardner, 


COLLECTORS 


Contact Aron Shapiro or Richard King 

Tet 071-705 7600 Fox: 071-705 7625 


“I can’t imagine a whodunit as housc bm fabulous art collec- 
nightmarish as this, considering tier wiU, had 

the endless pool of potential sus- 5* displayed intact, without 
pects,” said Daniel J. Falzon, the add,t,ons or rearrangement, in 


F OR the next hour and 
21 minutes, according 
to electronic records of 
their movements, the 
two thieves, and possibly other 
confederates, roamed the gal- 
leries, snatching the Vermeer 
and a Govaert Flinck landsca p e 
(once attributed to Rembrandt) 
from an easel, along with three 
Rembrandts: the seascape and 
another ofl called “A Lady and 
a Gentleman in Black,” and a 
self-portrait etching the size of a 
postage stamp; a Manet por- 
trait called “Chez Tortoni”- 
fi\ne Degas drawings and water- 
colors, and a 3,000-year-old 
Chinese bronze beaker or ku. 

The two Rembrandt oils were 
sliced from their frames. Yet 
another large Rembrandt paint- 
ed on panel, a self-portrait of 
the young artist in a feathered 
cap, was tom from the wall but 
abandoned, apparently as too 
unwieldy. 

The robbers also tried to un- 
screw a glass case displaying a 
battle flag of Napoleon’s Impe- 
rial Guard, but gave up and 
took instead the flag’s eagle fm- 
ial crowning the case. 


Ir/Mvy*’ Inlvmutiunnl Iiunmurr Srnwj l.til 
I ffliWw of tho Kill! (!h >bul Irt (irnnp 


HARRY FANE 
wishes to purchase old 

CARTIER 


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Herald Tribune 
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objects: 

clocks, cigarette coses, powder boxes, 
desk accessories, photo francs, etc. 

Please contact: 


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English Paintings anti Watercolours 
Oriental. Asian and Islamic An 
Textiles ■ Medals ■ Miliiaria 
CVuns - Bullion ■ Banknotes 


Hation, “It’s mind-boaglinc." ! QUi> ’ P iaces wneTe 

stolen works hung have been 

Y ET, he said, not a day left blank with a card noting, 
goes by without some “Stolen on March 18, 1990.” 
piece of information Arrayed in three floors of gal- 
being added to the leries around a glass-roofed 
files, which now take up most of court, the 2,500 works included 

- J n i Tiling’. *‘D „ r r n 


SPINKI 


a good-sized wall. Last year, Titian’s *' 
law enforcement officers from sometimes 
all over the world gathered at portant Iti 
FBI training headquarters in United Sta 


Rape of Europa, 
called the most im 


portant Italian painting 
United States, Vermeer’s 


the most im- 
linting in the 
meer’s “Con- 


Galerie 


Lucie Weill-Seligmann 


ANTIQUES 


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ST JAMESS. LONDON. 
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FBI training headquarters in United btales, Vermeer’s “Con- 
Quantico, Virginia, to discuss cert” and other masterworks by 
art theft and the Gardner rob- Ranbrandt, Botticelli, Dtkrer, 


bery in particular. 


Raphael, Rubens, Holbein, 


6, rue Bonaparte, 75006 Paris 
Tel: (33-1)43 54 71 95 


Cocteau 

Original ceramics 


December 15th to Feb. 2S th 


We buy and wJIJaponaea Antiques of 
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bronzes. Siiruraf Swtrris, tango and armor 
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las Caimy Anfejue. LtKurtous dririg room set; 
Spanish Cdtrid Slyte. al canted h Mahogany 
Wood, 14 pines, enxptand. teaulU. 

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fafo cat Mr. D'Amico, 

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Y0l SUV THIS AD 


So did nearly lialf a million 
art collectors ivorkhvide. 


Shouldn I you loo 
ndi rrti^c in the 

[International JFej-fild Tribune? 


The search has been joined in Mantegna, Michelangelo, De- 
some cases by crime figures and gas, Matisse, Manet and John 
informers seeking a ticket out of Singer Sargent. 
jail or other consideration from The holdup occurred on a 
the authorities, not to mention Sunday morning, the night after 
theJl million reward for reccv- St. Patrick’s Day, in itself an- 
ery of the Gardner treasures, other possible clue, said Anne 
“A lot of people for different Hawley, the museum director, 
reasons are looking for this," who senses a possible political 
said Falzon, 33, a former San dimension to the case. 
Francisco police officer. Shortly before 1:24 A. M., 

Yet the theft seems to have two men in uniform, claiming 
generated little underworld to be investigating a distur- 





m 






This was especially puzzling, 
as was the decision, by obvious- 
ly art-savvy thieves, to steal the 
lesser Degas pictures rather - 
than far mme valuable wodcs. It 
suggests that the robbers may 
have been under orders to steal 
the Vermeer and the Rem- ~ 
brandts, and then freelanced f 
the rest 

“We don't know the mes- 
sage;” said Falzon. “We don’t 
understand the shoppmg list” 

The Gardner theft was not 
discovered until the first staff 
members arrived nearly five 
hours later, by which time the 
robbers had made a getaway, 
taking with them the videotape 
from survdHance cameras. Fin- 




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Fri. 

don 

Prev. 

dose 

etange 

Enwgy 

112-83 11186 +0.87 

Capital Goods 

11352 

112.86 

+058 

Utifities 

125 jB7 125.30 +0.45 

Raw Materials 

13050 

12925 

+0-81 

Finance 

112.41 112.21 +0.16 

Consumer Goods 

102.75 

10224 

+0.50 

Seivices 

112.26 111J7 +0J5 

Kscaflaneous 

114.31 

114.50 

-0.17 

For more information about the Index, a booklet is avateble free of charge. 

Write to Tnb Index. 181 Avenue Charles de Gaulle. 92521 NeuSy Cedes, Franca. 


F 

/ y N A N C 

- E\ 

€B€L 


International Herald Tribune , Saturday -Sunday, December 1 7 -/fi, 1994 

Page 9 

the architects of time 


GE Plans 


JH* T*IB INDEX : 1 12.12© 

aBoTuematlona^n 1 "^ k? Worl ^ S,ock ,ndex '&• composed of 
by Bloonteg c °"’ p " Kl 




Tho index tracks U S. dollar vj.uos d stocks m Tokyo. New York, London, and 
Argentina. Australia. Austria. Belgium. Brazil, Canada. Chfle, Denmark. Finland, 
France. Germany. Hong Kong. Italy, Mexico, Netherlands. New Zealand. Norway, 
Singapore. Spain, Sweden, Switzerland and Venezuela. Far Tokyo, Net* York and 
London, the index is composed ol the 20 tap issues n terms at market capitalisation. 
otherwise the ten lop- stocks are tracked. 


© International Herald Tntwma 


Dividend Increase 
Part of Package 

Blntnhrn; Buftnesi Vnn 

FAIRFIELD. Ccmnecticui 
— General Electric Co., which 
is sitting, on a $3.34 billion pile 
of cash, increased its dividend 
by 14 percent on Friday and 
announced a stock-repurchase 
program of up to $3 billion over 
the next two years. 

Analysis said GO’s strategy 
indicated that it was having 
trouble finding takeover targets, 
its usual method of expansion. 

GE's move found favor on 
Wall Street, where the shares 
rase SI to close at S5U.25 on the 
New- York Slock Exchange. 

Moody’s Investors Service 
Inc. and Standard & Poor’s 
Corp. said they would not cut 
GE's trip!e-A bond ratings, indi- 
cating that its earnings would be 
enough to cover the east of the 
dividend and buyback. 

“My gut conclusion is that 
there is no major acquisition 
pending at this time in any 
area,” said Donald L. Wam- 
pach, a Duff & Phelps analyst. 
The fact that they announced 
a share buyback means in my 
opinion they aren’t looking to 
make a major acquisition im- 
mediately.” 

The diversified company 
raised its dividend to 41 cents a 
share from 36 cents. Wall Street 
had expected the dividend in- 
crease. GE said it expected the 
repurchase program to increase 
its earnings- per-share growth 
rate and its return on equity. 

Nicholas Hevmann, an ana- 
lyst at NatWest Securities, said 
he thought GE wanted an acqui- 
sition of an industrial company 
with large global franchises. 

"The critical message is that 
its up to $5 billion, not per se a 
guarantee.” Mr. Heymann said. 
“It’s kind of a like a safety net If 
they don’t find anything else, it 
gives them the flexibility to buy 
if the stock goes down more.” 


Lawyers on Edge in China 


By Kevin Murphy 

Int (matronal Herald Tribune 

HONG KONG — Law- 
yers are supposed to play by 
the rules, but in China, where 
regulations and (heir enforce- 
ment often diverge, many for- 
eign legal firms are in the 
game without permission. 

BeijiDg, it appears, is about 
to stun assessing penalties for 
unauthorized play. 

A high-profile move by the 
big American legal group, 
Baker & McKenzie, in with- 
drawing four lawyers from 
Shanghai after warnings from 
China’s Ministry of Justice, 
has sparked concerns in the 
foreign legal community 
about its future in a booming 
new market for its services. 

“The ministry has told us 
they plan to be much stricter 
in the future, but they haven’t 
said what exactly they intend 
to do.” one Shanghai -based 
lawyer said Friday. “We real- 
ly would like to know the 
ground we are standing on.” 

In tandem with a surge of 
foreign investment in China 
and burgeoning trade, foreign 
legal firms have scrambled to 
keep up with their clients’ de- 
mands for service in a diffi- 
cult environment. 

Bui, faced with restrictions 
on the type of advice they are 
allowed to provide and the 
numbers of offices they can 
open, some firms have chosen 
to go native and flout the 


rules. Until now, Beijing 
looked the other way. 

Hundreds of law firms are 
said to have applied for per- 
mission to open ar. office in 
China and some already al- 
lowed one are asking for a 
green light to expand to a 
second city. 

A large ’batch of new firms 
is expected to be allowed in 
early next year, but lawyers 

For foreigners, 
regulations and 
enforcement 
often diverge. 

don’t expect many second-of- 
fice applications to be ap- 
proved, believing that Beijing 
hopes to keep the larger firms 
in check. 

"We may not like iL but if 
the Ministry of Justice says 
they're changing their own 
policy, then we'lf abide by it,” 
the head of Baker Sc McKen- 
zie's China practice said, ex- 
plaining the firm's decision to 
remove lawyers from its es- 
tablished Shanghai business 
consultancy, a separate entity 
from its authorized Beijing 
law office. 

China's sensitivity about 
ceding undue influence over 
its commercial development 
to powerful international 
firms at the expense of its 
own legal community lurks 


beneath the surface of any 
debate about market access, 
foreign lawyers said. 

“The whole thing is an ex- 
periment for them.” one 
American lawyer in Beijing 
said of China’s decision in 
1992 to grant dozens of for- 
eign firms entrv to the mar- 
ket. 

“China doesn't yet have 
the sophistication in capital 
markets, accounting or legal 
work it needs to enter inter- 
national markets oa its own, 
but it comes closest in the 
legal arena,” he said. “People 
are worried thev’U keep us 
under wraps while they devel- 
op their own legal skills.” 

Currently foreign lawyers 
are prohibited from giving 
opinions on Chinese ~ legal 
questions or forming joint 
ventures with local firms, 
which themselves were only 
allowed to form in 19SS. 

The constraints rankle 
many, particularly among the 
Americans, who cite the gen- 
erally open access Chinese 
firms have to the U.S. market 
and who believe the issue 
should be on the agenda in 
the talks on Beijing's accep- 
tance by the General Agree- 
ment on Tariffs and Trade. 

“No one is telling the Chi- 
nese they can open a firm in 
Washington but not in New 
York,” said one lawyer. 
“They can practice wherever 
they pass the bar exam. Here, 
because I’m a foreigner. I 
can’t even take the test.” 


Sony and Philips 
Fire a Salvo in 
New Video War 


By Steven Brail 

Jnumjuonal Herald Tntrune 

TOKYO — Firing the first 
salvo in a looming global video- 
format war. Sony Corp. and 
Philips Electronics NV of the 
Netherlands proposed Friday a 
system that could play feature- 
length films on a digital com- 
pact disk. 

But no sooner bad the enter- 
tainment industry titans of Ja- 
pan and Europe finished show- 
ing off their system, than 
officials of a rival group — led 
by Toshiba Corp. and Pioneer 
Electronic Corp. — riposted 
with a salvo of scathing faxes 
that called the system unwork- 
able. 

Sony and Philips are gam- 
bling that their system will be- 
come the industry’s next big 
money spinner, creating a new 
standard that will send home 
video recorders and tapes to the 
oblivion already shared by 
eight-track stereo. Betamax vid- 
eos and quadraphonic sound. 

The Sony-PhUips disk, which 
the companies hope to launch 
sometime in 1996, will be al- 
most identical to a music CD 
but with five times as much 
data. 

Toshiba’s executive vice pres- 


ident, Masai chi Koga. said 
Sony's system “offered scant 
possibility of realization.” He 
asserted that the approach To- 
shiba, Pioneer and Tirae- 
Warner Inc. of the United 
States have been pursuing had 
the support of Hollywood film 
makers because it promised su- 
perior picture quality and long- 
er playback time. 

The crossfire, uncharacteris- 
tic of Japan's normally staid ex- 
ecutives. raised the specter of a 
rerun of the mid-1980s format 
wars between Sony's Betamax 
and the VHS standard backed 
by Matsushita Electric Indus- 
trial Co., maker of Panasonic- 
brand goods. 

That battle — won by VHS 
because, although technically 
inferior to Betamax in video 
quality, it could play longer 
tapes — slowed the consumer 
acceptance of video-cassette re- 
corders. Many consumers were 
left holding machines capable 
of playing only Betamax tapes 
that became progressively hard 
to find. 

“We’re still open to negotiat- 
ing many aspects of the stan- 
dard,” Minoru Morio, Sony’s 
executive vice president, said. 

See VIDEO DISK, Page 10 


U.S. Suspends Talks With China on Property Rights 


Ctmpthd hr Ota Staff Frvm Dispatches 

HONG KONG — The United States 
has suspended negotiations with China 
on intellectual property rights, two 
weeks before a U.S. deadline that could 
trigger trade sanctions against Beijing, a 
senior U.S. trade official said Friday. 

U.S. negotiators suspended talks’ be- 
cause Chinese officials had made no 
“serious” offers during negotiations 
Monday through Wednesday on pat- 
ents, copyright and other issues that 
come under the heading of intellectual 
property rights, said Lhe official, brief- 


ing reporters on the condition of ano- 
nymity. 

“These negotiations were suspended 
yesterday,” the official said. “The Chi- 
nese did not make serious offers.” 

Trade Minister Wu Yi said Thursday 
that Lee Sands, the assistant U.S. trade 
representative, threatened retaliation 
during the talks, China’s official Xinhua 
news agency reported. 

The People’s Daily quoted Mr. Wu as 
saying, “The day when the United Stales 
produces its list for retaliation will be 
the day when China produces hers.” 


The United States has given China 
until Dec. 30 to enforce laws protecting 
intellectual property' rights. Trade Rep- 
resentative Mickey Kantor could recom- 
mend sanctions on $800 million worth 
of Chinese goods, the amount that 
American companies say they they have 
lost to piracy in China last year. 

The official said that to satisfy U.S. 
demands, China must take action 
against 29 Chinese factories that pro- 
duce pirated laser and compact disks for 
export to Hong Kong, Southeast Asia 
and the United Stales. 


Mr. Kantor could extend the deadline 
if he judges that China and the United 
States are close to resolving their dis- 
pute. But the U.S. official said piracy 
had worsened in China during the 18 
months that U.S. and Chinese officials 
have been negotiating. 

The official said Chinese factories 
could produce 75 milli on compact disks 
a year, while the domestic market con- 
sumes only 5 milli on disks, suggesting 
that the rest were bong exported. 

(AP, Reuters ) 


r ?l 


ECONOMIC SCENE 


Chinese Reforms Hit a Wall 



By Patrick. E. Tyler 

New York Tima Service 

HONGQING, China — One year 
ago, China’s Communist Party lead- 
ership unveiled a broad program to 
restructure sell off or declare the 
of thousands of state-owned in- 
dustries whose heavy losses and inefficiency 
threatened the country's economic expansion. 

Endorsed by the paramount leader, Deng 
Xiaoping, the plan was heralded as a path to 
fulfillment of China’s ambition to create a 
“socialist market economy” in which free- 
market forces would guide decision-making. 
Execution of the plan by the year 2000 be- 
came a national priority. 

Now, however, the reform of state-owned 
industries has been frozen all across China, 
deferred by fears of worker unrest, the ab- 
sence of a social safety net for the unem- 
ployed and a debate within the leadership 
over how much control the Communist Party 
should cede over the means of production. 

There is a tremendous amount of conten- 
tion within the government over what to do 
with the state sector,” a Western economist 
said. 

rhinftse and Western economists say that 
anxiety over Mr. Deng’s health this winter 
and soaring inflation have also paralyzed Chi- 
na’s reform process. 

More than 70 percent of all investment m 
China goes into state-owned factories run by 
managers appointed by the Communist Par- 
ty, up from 61 percent five years ago. Thus, 
China’s state sector is growing, not shrinking. 

There were 1,000 more state-owned fac- 
tories in China this year than there were in 
1993. Their contribution to China's economic 


output has dropped from 48 percent in 1993 
to a projected 43 percent this year. 

Beijing's party chiefs say they are gearing up 
to resume state enterprise reform in 1995. But a 
number of Chinese and Western officials are 
wondering whether the new and more cautious 
generation of leaders that is expected to follow 
Mr. Deng is losing its nerve because of the huge 
and unpleasant task before iL 

“State enterprise reform in China has be- 
come the ever-receding horizon.” said Nicho- 
las R. Lardy, an economist at the University 
of Washington who specializes in Chinese 
affairs. They have talked about various mea- 
sures, but they don’t seem to implement them 
in any systematic fashion and each time they 
reach a consensus about moving ahead, they 
quickly bade off when the reforms create 
problems.” 

With millions of jobless already drifting 
around the country as a migrant tide, China’s 
leaders seem loath to risk putting millions 
more on the streets. 

In tins tired industrial city, which saw an 
economic boom as the capital of Chiang Kai- 
shek’s Nationalists a half-century ago, job cre- 
ation is only a concept belied by a wave of 
layoffs and idle production lines. In late 1992, 
Chongqing was the site of one of the largest 
bankruptcy experiments ever tried under Com- 
munist rule, and it has not turned out weO. 

The city laid off 2,000 workers at the largest 
state-owned knitting mill, a chronic money 
loser. The workers inarched on city balL The 
munkapal government pressed overseas Chi- 
nese investors to help reorganize the plant 
under worker management The reorganiza- 

See CHINA, Page 13 


Surplus 
Expands 
In Japan 

Bloomberg Badness News 

TOKYO — Japan's mer- 
chandise trade surplus expand- 
ed in November for the first 
time since July, as exports of 
automobiles, computer chips 
and office equipment surged 
before the Christmas shopping 
season. 

Japan’s global trade surplus 
grew 153 percent in November 
from a year earlier, to $8,552 
billion, the Finance Ministry 
said Friday. The surplus was 
larger than economists' expec- 
tations. 

Exports to the United States, 
Asia and Europe all grew. Total 
exports jumped 21.1 percept, 
the biggest year-to-year in- 
crease in more than eight years. 

Japan’s politically sensitive 
trade surplus with the United 
Stales jumped 20.4 percent to 
$5,168 billion. Except for de- 
clines in October anti February, 
the trade surolus with the Unit- 
ed States has grown every 
month this year. 

Imports also were healthy, 
rising 23.1 percent Imports, 
made cheaper by the yen’s 
strength, are proving popular 
with Japan’s increasingly price- 
conscious consumers and cash- 
strapped companies. 


CURRENCY & INTEREST RATES 


Cross Ratos 

1 

Andaman 

Brunets 

Froakfari UH5 
LMdMd) LSfl 
JMftlrf 


t OJA. PJ=- Lira MR 
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not 

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Dec. 16 

Eurocurrency Deposits 




Dec. 16 

Ton a 

route 




Swiss 


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1 J»‘ IJC 

1 59 


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3 Sr 2 % 

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Sources: Reuter*. Urrrda Bank. 







Rates apodcabte to MMont deposits of St mWkm minimum tar aqwfraMntt. 


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urn torn im» m* via tad «» ub hub vsa mu 

p; T0 Crm W»w # 
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Currency 

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If”? ™*rtn» 11140 HWVLimne *105 

£ EX™ 31* NM *» 


Ksy Money Ratos 


Uolted States 
Dbcrnuf rat* 
Mann** 


Sunwrw urn 
cndiwn* 

nanuomne *15*5 

• ptn. martdea 


mliwWi 2H7JD MidixMr 
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mcniMk. nun mo. nun naxoo 

riMinmr OJOI? SoocU rtyol 17501 

sssasr «« »»■* 


Cnwcr Part 
tJUr.md ism 
IKW.m 791* 
SwO. krona 75351 
Taiwan 1 2 i* 

Thai baW 2112 

ToflUihBra 37421. 
UAEOMam 1471 
VMU.MJV. WJ7 


hwocpi 

Camm. paper m 4m 
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MfMrTrwawrvbW 
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7*narTmurYMta 
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forward ^ - cwrmw 

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1-STtw law •*"■*•" "" 

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CofiawMV 
Imoalb I nte r b ank 
34—rth Interb an k 


Clow Prev. 

5* 5H 
535 162 
*52 *55 

154 153 

*05 *03 

750 751 

755 753 

758 7.70 

7 S» 750 
75S 757 

•Mat 451 450 

l« 1U 
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2K TU 
216 


Britain 


Seek best rote 

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SVa 

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5 % 

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a% 

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750 

WYonrout 

*49 

*47 

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550 

540 

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4ft 

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Saw cm: Rearer* Btiombera, Merrill \ 
Lynch. Bank at Tokyo. Cemmanpomt. Cnktfl 
Lye nmH 

Odd 


— . «May Mw 
UK* UM? 1583? 
9?42 ttJ8 *?5« 


QglQIM ? _ 

neat***"*** uz* ura 

jprtnfraic indent Bonk f Brass**/; Banco Commerdafa Italkm 

spurts*? ,NG Ba ?_ ( Parish' Bank of Tokyo ITokrol; Bant Bonk at Camda 


Mnombteterbae 

ate 

Zte 


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PA 

Cb<ve 


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*57 


37975 

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+ 140 

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37970 

38045 

+ L15 

LMnbortfrafe 

*00 

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New York 

ami 

381.10 

—140 


CritnwMr 
luiantti Interbank 
frnortb Ma rtanfc 
t-MOntfe Interbank 
tfrmrftand 


US U5 
145 155 

545 US 
155 17D 

745 74? 


dollars per oanc*. London amok* n*. 
InasiZwichapd Now York aoenkto and doo - 1 
laoprtctoj Now York Comes (Fetmaryj 
Soane; Mdsn 


Hcralb 


|\T».i;\VTI«iNW. 


• j 

in iiir.Hi.il mii:i I'll •! I- :i\:i .- nn iilmiis-.ci- !i*-i 


(tribune 


* 




242,577 

gold dealers 
get more out 
of iht. 


As regular readers of this newspaper, you tell us that you spend a 
- substantial 30 minutes with it, that you read it thoroughly and above all 
■% etyoy doing so.t 

^T;.- • You also tell us that over 240,000 of you are holders of gold, platinum or 
[premier credit and chaige cards* 

• ft shows that both you and the financial services companies who advertise 
& y m widtus get more out of the International Herald Tribune . 
f 7 For summaries of the surveys from which these facts are taken, please call 
^^■• i^Europe. Janies McLeod on (33*3) 46.37 93 81 ; in Asia, Andrew Thomas on 
! y^f:y:(0)223 6478; in the Ammcas, Richard Lynch on (212) 752 3890, 







t VIVA Surveys ¥2 / ’93. * Reader Smey '<*4. 




Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 17-18* 1994 

— — — 




Vio Associated Press 


Earnings Prospects 
Lift Dow 41 Points 


Dow Jones Averages 


EUROPEAN FUTURES 


U.S./AT the CLOSE ^4 

Intel Sued Over Computer Chip flaw 

/■■’T aoa ralifomia (Combined Dispatch®) .Intel 


OowJonesl 


toSIhs 


opw HMi lm Lost aw. 


3785 iS M07.19 V6SA7 3807.19 -41.72 
Trons M15.44 1417X17 I409JV 1416.14 -173 
U« 182.97 18271 I01J2 IBM* -0.92 
CDTO 1256.10 125940 1249,98 125940 -942 


Metals 


Bloomberg Businas News 

NEW YORK — Stocks ral- 
lied Friday as optimism over 
corporate earnings combined 
with the expiration of futures 


U.S. Stocks 


and options to spark the third 
most active day of trading on 
the New York Slock Exchange. 

“Profits are going to be real 
good, next year," said Robert 
Turner, chief investment officer 
at Turner Investment Partners 
in Berwyn, Pennsylvania. “It 
may be hard to exceed this 
year’s profits, but they’ll con- 
tinue to be solid.” 

The Dow Jones industrial av- 
erage climbed 41.72 points, to 
3,807.19, its first close above 
3,800 since Nov. IS. 

Shares of Aluminum Co. of 
America, General Electric, 
United Technologies and Du 
Pont led the advance. 

The price of the benchmark 


Treasury bond rose 5/32 point, 
to 95 30/32, bringing its yield 
down to 7.85 percent from 7.87 
percent Thursday. 

Vol ume on the NYSE was 
479.19 million shares, well above 
the daily average of 303,19 mil- ■ 
lion and the most active day 
since 608.14 million shares were 
traded on Oct. 20, 1987, the day 
after its biggest one-day loss 
ever. Analysts attributed the 
heavy volume to so-caDed triple 
witching, when futures and op- 
tions on U.S. stock indexes and 
options on individual stocks ex- 
pire simultaneously. 

Shares of Goodyear rose Vi to 
3336 amid optimism about in- 
creased demand for tires and 
improved pricing. On Iburs- 
day. Stephen Girsky, v* analyst 
at PaineWebber Inc. repeated 
his buy recommendation and 
said concerns that a weakening 
economy would hurt the com- 

K 's results were “over- 
l." 



Standard A Poor 1 * Indexes 


Wafa Law Loft dm. 


SP IDO 43943 423.98 42943 -5J1 

SP50Q 458J0 40Ulfl - 2M 

W8J5WOS 5**ft 540.03 5UJS9 -4JA 

Tngrso- 347.00 3447B 336.68 - 1 J»t 

152.95 15209 15275 -M4 
Rnanw 4178 4178 41.95 -0.17 


NYSE Indexes 


ALUMIHl 
Doftanpe 

fSnWrf 

COPPER 
Dollars pe 

Snot 

Forward 
LEAD 

DoUortpw name tan 
Soot 639 JX) 64000 

Forward 657.00 45600 

NICKEL 

Potion pwitt^tV: too 

Spat ■ S540J-8 8S5QJ0 

Forward 968100 B490W 

TIN 

Dollars per metric ton 
soot 59304* 5960J0 

Forward 6050.00 60604B 


1871 JO 107100 
190100 19094)0 
Draft] 


OTIH 9646 m 
27794)0 29804)0 


63UD 

6534)0 65400 


KWi Low Last Settle Ch'9« 

IS !2S ffiS !S» i*£ 
iS !Sf «3 '*? gS ^ 

S? 1 nli iBjd ISA SS -83 

g S1H1SB=J 

M ISfft ISA 
Est.votunw: 14437. Ooenkrt. W* 
BRENT CRUDE OIL tlPE) t rTir|T 

! UAdollcw 1ft MITOWOt* of 14180 Barrft 

, M 1196 1540 TABS 1548 + Q-15 


iiirei Ducu v vva w—r- 1 ..... 

Corp - Ston bSaiue of the company's handling of a 

Intel disdosed « dSt^J^nlt^Mn incorrect calculations in 
product, had , SSo»“ discovered by lMeTu, 


86054X1 M154H 
875540 676040 


Com polite 

industrials 

Trans*. 

uraitv 

Rrwnco 


HMi Low La* dm. 


zinc (Special mm Grade) 
□anon per metric ton 
Spot 111040 11U4D 

Forward 11384)0 11394)0 


25041 36846 25041 -145 
31642 31346 316.02 -246; 
21940 218.11 219.06 -043 1 
201.92 20171 20146 -0.47 
19740 19647 19749 -0.72! 


15M 1540 US 1548 +0.10 

um U46 154? U89 +048 

its iot its its + £SS 

15.94 1578 15.96 15S +JJJg 

1549 1540 1545 1640 +408 

164)6 1546 16.00 1640 +0« 

1554 1541 1546 16.11 +046 

N.T. N.T. N.T. 16.17 +009 

Kt. N.T. N.T. 1642 +412 

N.T. N.T. N.T. J*S +0.1S 

uT NT. N.T. 16J5 +0.14 

Eft NX NX 1640 NOW 


product, had a ftaw that result*^ ^ discovered by. Imd la 

complex division problems. 1“ notify its customers mans- . 

Simmer, but the company **«* uourv re .. 

diately and has ^^^Sd^n^vibatit would produce soft- 
Also, Microsoft Corp. said F function of its widely 

ware in January to fix a bug in V Bloomberg . 

used Windows operating environment. ( ° rruxr ^ ;. v •' 


- .,r|i 

To * ottc 
forP 001 




11174)0 1118ft 
114440 114540 


Financial 


E6L volume: MIlS.' Qponlnt 158490 

Stock Indexes 


hm Law Owe own a* 

FT5E lBOlUFFE) 

OS per index port 

nee 29754 29544 29745 —45 

2J£ 304M 29784 30634 +674 

! ET N.T. N.T. , 3094 +«4 

Ed. volunw: MSl.Oiei l«Li N A 
CAC40 C8WTIF) 

gg"" P W W3140 HWM —MO 

££ lKI! i«SS IS -mo 

S ™ "M K3 =g 

ftp N.T. N.T. 197040 -440 

EsL volume: 17489. Open mu 9764 

Source*: Mai lt. .A ss ociate d *!? **' 
LotKlan tun Financial Futures Exchange, 
toll Petroleum Exchange. 


'4 J: A S G N O 
19»: 

1 1 1 1 IHT 


NASDAQ Indexes 


HSah Low Lost aw. 


NYSE Most Actives 


WctMart 

GenEli 

RJRNOb 

AT&T 

Homan 

Cocoa 

Toi AWX 

Merck 

Coitipoqs 

FordMS 

PnllMr 

FepsiC 

Exxon 

RJRNbpfC 

GnMotr 


VOL Hteb 

LOW 

Last 

an. 

46577 2214 

22 V« 

22U 

* Vk 

657*7 5tM 

*9H 

SO 

*■1 

6S27* 59* 

SH 

5h 

— *u 

56277 5159 

51 te 

51H 

+ 14 

5400* 18 

179k 

179k 

+ Vk 

52374 51 Mi 

51 

Site 

+ Ik 

42821 51 V* 

49fe 

49* 

—1 

41371 38Vt 

374fc 

38 

+ V6 

39329 37 V, 

3814 

38 Vs 

—1 

37*57 24 'A 

26 

26* 

-'A 

34431 501k 

58 

SB* 

*'A 

34571 3414 

3FH 

36*k 

-ta 

38431 6154 

40 *k 

611k 

+ 9W 

32525 6>4 

6 

6 

— '4 

30349 38ft 

371* 

38 

+ 'A 


Compostts 

ifKfaj striata 

Banks 

Insurance 

Finance 

Trarap. 


731.19 72949 730.12 -046 
73648 733.11 733^2 —049 
693.13 6MJ5 69045 —148 
906.98 903.95 906.67 *249 
85143 867.12 8<9.*7 — 0J6 
63649 63040 63347 -246 


X AMEX Stock Indwx 


HJoti Lew Last Cho. 
627.71 42546 42646 -042 


Dew Jones Bend Averages 


KM L«w CtaH dunpe 

34MONTH STERLING OJFFE1 
tmOM-PtsofMOlKt 

DK 9358 9155 9356 +042 

MOT 9265 9240 9240 UnctL 

Jon 9241 91.95 91.96 UntfL 

Sep 9157 9150 9151 —041 

Dec 9142 9142 9146 —043 

MW 91.T7' 9135? 91-10 —046 

JOT 9148 7145 9142 -045 

Sep 9106 9055 9099 —045 

Dec 9141 90.90 90» -JUB 

Mar 98.99 «47 9047 —041 

JOT 9043 9091 9093 + 041 

5CP ma? 9043 — MS 

EsL volwne: 2S445. Open InL; KA 
3-MONTH EURODOLLARS (LIFFE) 

Si mUltoa-ptiof lMpd 
Dec 9369 9369 W68 Urn+L 

MW N.T. N.T. 92J0 —041 

JOT N.T. N.T. 92.18 -042 

S8P N.T. N.T. 9140 — 041 

Ed. volume: 100. Open bit.: NA 


2 Finns Pay 'Squeeze’ Settlement 

stemming 

Sons of a U.S. Treasury note aucuon in 1991. Namer 
admitted guilt and no individuals were namwL ■ 

The setaement, with the Securities and Exchange 
and the Justice Department, stems from the 
in Ausnst 1991 when Salomon Brothers Inc. admittec to vio^ag 
Treasury 1 ndes by buying too many bonds from the govei^ 

and bY Falsifying bids. . _ ^ 

Earlier this year, Oixton and Steanhardt, along with Sakimon, 
Daid a total of S100 million to settle a class-action lawsuit that. 
S^ed they harmed investors by colluding to create a sfrcalledJ 

squeeze in the Treasury note market. In a squeeze, an invest^ 
: n o erw+nr* of Treasury notes. Tnat £oueg 


is ■■■;< 
^ : - 
v - ■* 


rK - - 


DhrldMKls 


r ... j i 

i , ii in i* 1 
\ Mf^ 


''ll*' 1 :"' 


3-MONTH EUROMARKSJUFFE) 
DM1 milliaa -pborHOpd 


20 Bonds 
10 UtlWtH 
10 Industrials 


Clou CM 

9439 —047 

8941 —0.12 

9848 —041 


Dollar Awaits Fed Move 


NASDAQ Most Actives 


Bloomberg Business News 

NEW YORK — The dollar 
gained slightly against the 
Deutsche mark and retreated 


against the yen Friday after a 
surge in UK housina starts 


housing starts 


Foreign Exchange 


failed to alter expectations that 
U.S. interest rates will not rise 
again this year. 

Traders have been watching 
this week's economic reports 
closely for signs the economy is 
growing fast enough to prompt 
the Federal Reserve Board to 
raise rates next week, a move 
that would make dollar-denom- 
inated assets more attractive. 

U.S. housing starts staged 
their biggest gain in eight 
months, rising 6.9 percent in 
November from a year earlier. 


But traders discounted the 
data. 

“Housing starts have never 
been a big mover of the currency 
market," said Dennis Pettit, for- 
eign exchange manager at Long- 
Term Credit Bank of Japan. 

The dollar edged up in late 
trading to 1.5728 DM from 
1.571 1 DM on Thursday. Itrose 
to 5.4235 French francs from 
5.4145, and to 1.3329 Swiss 
francs from 1.3270. The pound 
fell to S1.S605 from $1.5630. 

Against the yen, the dollar 
fell to 100.225 yen from 
100J85. 

Subdued inflation numbers 
and regional Fed reports re- 
leased earlier this week made 
investors confident the U.S. 
central bank would postpone 
the next rise in rates until next 
year, analysts said. 


Intel 

: mo 

Btaroef 

NOvsB 

Oman 

MicWlS 

Artec 

Crsco * 
TetCmA 
Phamte 
MayflGrp 

3Com s 

DSC 5 

Funaa 

SunMJc 


VoL Hteh Law 
59ti STV* 
18H 17* 

I6W 12* 
16* ISB/jr 
41* 38 V> 

64'* 63<Vu 
2146 16 

34 33 

224* 2)4t 
13'6 12 


49 47Vn 
33* 32<4 

7 5 

34'Vii 33 'U 


Last dts. 

591ft -Tk 
IB 1 /* 

14 +1U 

16W -W 
MW — TMi 
63» — «ft 

164 — 4h 

33'A — Vu 

319» — 

13W 

B>A — 
474 —Vi 
33% 

5*4 —5 

34U <U 


I NYSE Mary 


Advanced 
Declined 
Unowned 
Total issues 
NawHians 
New Lows 


1356 1499 

938 015 

643 648 

2937 2962 

20 17 

58 94 


AMEX Diary 


AMEX Most Actives 


Advanced 
□edlned 
Unetanaed 
Total issues 
NewHions 
New Lows 


dasm prov. 

302 320 

271 250 

243 256 

B16 >28 

10 8 

15 29 


Dec 9455 9451 9453 +043 

Mar M65 9438 9461 +045 

JOB 94.13 VW& MJ» +043 

SOP 9340 9375 9176 +043 

Dec 9364 9349 9360 +041 

Mar 93.1* 9112 9113 +042 

J on KM 9245 «45 +045 

Sep 9Z66 9253 9255 +043 

Dec 9256 9254 9254 +Q43 

MW MOM +043 

JOT 92J2 9242 9242 + 044 

SOT 9246 9236 9246 +044 

Est. volume: 73431 Op6n InL: N-A- 
3-MONTH PIBOR (MAT1F1 

PP5 mtnoa - pt« of too ocl 

Dec 9445 9191 «» + 0.12 

Mar 9356 9151 9350 + 0.11 

Jan 9118 9345 93.13 + 049 

SOT 9299 9255 9250 + 047 

Dec 9175 9245 9271 4 046 

Mar 9254 9255 9251 +046 

Imi VZM 9125 9228 + 0M 

Sep 9214 9210 9213 + 045 

E*t. volume: B0471 Open InL: 213,925. 


Company Per Amt RK POV 

IRREGULAR 

Cable LWlrstess c .IW9 12-22 3-TO 

Carlton Commu d 5375 3-16 6-24 

Cenlreftmd Realty s M JMJ l-JJ 

Hanson ADR a 29 21 12-22 1-13 

IrWl Invest Fd c -Iffi 13-M 1HB 

New So AfrtCO Fd 47 12-30 1-T3 

04PPmx nmaeit per ADR- 
d^ppnx amount. 

INCREASED 

DaPonlCda 8 49 Kl 1-31 

Goal Electric O 51 1W0 +25 

GfXtOD Q >U W W 

Hl nBftqm InstS _ 05 1-JO +20 

Marsotelnaus Q -tns i-TJ 3-13 

Nlpsco Indus D 49 ljn 2-M 

Raymond James Fd 0 46 W 1-30 

SutwFed Fact a .12 1H0 1-J3 

Tandy Corp Q .18 1-1 +21 


DaPonlCda 
Goal Electric 
Graco 

Hlnefaam InstS 
Moraotelnaus 
Nlpsco Indus 
Raymond James Fa 
SuburFed Fnd 
Tandy Carp 


Washington Post Names President i 

WASHINGTON (WP) — BoisfeuiUet Jones Jr n vice pwadarc 
and counsel of The Washington Post since 1980, wdl beoom^ 
president and genera] manager of the newspaper when Thomas H., 
Ferguson retires next month. The Post said. , J 

The promotion put Mr. Jones in charge of The Post sbt$me$$j 

.v" ■ , j:__ _ j - n.A/litf-rinn arirt ri milflfiAfK- lli, ^ 


tt>F ;■ 1 


LONG GILT I LIFFE) 

BMM - Ph B 320dS « 108 pet 
DK 10306 10246 102-27 —041 

MET 102-18 102-00 102-05 —041 

JOB N.T. N.T. 10+05 —Ml 

Eat volume: 22773, Open InL: NA 
GERMAN GOVERNMENT BUND ( LIFFE} 
DM 29UM ■ pti Ofl« Prt 
Mar 9049 89.76 89^1 +117 

Jm 8955 8955 8941 +0.19 

Est voloma: 52402. Open InL: NA 
10- YEAR FRENCH GOV. BONDS {MATIF} 


Vlacvrt 

TovwiCfY 

USBiOSd 

vtacB 

VlacwfE 

PteOGW 

InterDia 

PrtaHI n 

RovaiOa 

EchaBav 


VOL HTiat! Low Last 
25625 1V6 IV* IVh 


NASDAQ Diary 


13808 2H 2*u 21ft 
11742 «W 40 


11451 S'ft 4>Vu 5VW 
11344 1(46 1M 7<m 


10841 4V, 31 Vu 3«ftt 


9127 91ft 9 

7843 3V„ Z<V|i 


5944 10*H 1046 10* 


Advanced 
Declined 
Un ch anged 
Total taiues 
New Highs 
New Lows 


1526 1787 
1683 1346 

1936 1989 

5145 5142 

49 52 

137 172 


Raymond James Fa 0 46 1-9 1-30 

SutftFed Fna a .12 1«0 1-J3 

Tandy carp Q .18 M +21 

YEAREND 

f.VCO Recvdlng - ■« W-® 

INA invest Fd - 43 12-28 +10 

CORRECTION 

Hattera ineoSecs e .15 12-16 12-30 

e- cw rcdt n g a m o un t of dMdcxt I 

REGULAR { 

Aanico EagteMtno A .10 +10 }-2f f 
Aider] John Fa “ 


Post is co-owner of the International Herald Tribune. •; | 

Mr. Jones, 48, a Rhodes Scholar, former Harvard Law RfeflCM 
editor and longtime friend of the Post's publisher, Ddna» EJ 
Graham, has held a broad range of responsibilities at The FQsb 
from litigating First Amendment matters to negotiatingxeaf estaier 
transactions and buying newsprint. * ' • ’ • . 


Union Pacific Urges Open Bidding 


FF58MN - pts of 100 Pet 
DK 11218 11UW 11210 +040 

Mar 1115* 111.16 11146 +046 

Jun 110L64 11058 11054 +022! 

SOT 10940 10940 11046 + 042 

EsLvoluma: 157456. Open Ini.: 157469. 1 


i Spat Comm o dW — 


CIGNA HI tncasm 
Canter Potnt Praps 
Central jenevFd 
Cealrol N ew sp aper 
Commnwtlta Encray 
Date Foods 
Daneoal Grp 


Market Sales 


NYSE 
Amen 
Nusdoa 
in millions. 


! Com mo d it y 
Aluminum, lb 
Copper otectTotYllc. ID 
iron FOB, ten 
Lead, lb 
Silver, tray az 
Stool (soap), ton 
Tin, lb 
Zinc, lb 


Industrials 


Hftlh Low Load Settle CVee 
GASOIL (IPE) 

US. doBari per metric ton-hrts of IN ton 
Jon 14275 14075 14173 14200 —140 

Fob ML75 1*3.00 14445 1*445 —140 

Mar 14645 1*443 14625 14625 — 045 

Apr 14675 1*640 1*445 14645 — 045 


MGI Proto 
Managed MonPort 
Managed MnPort 11 
Mrthra Sbfts Pwr 
5EI Corp 
Santa Anita Cos 
Sun Distraint A 
Toro Co 
Tyco Inti 
lltd Dora Ready 


Q .10 12-30 1-20 
Q .10 1-13 1-31 
M 475 12-28 1-10 
Q 475 12-31 W 
Q .10 12-21 12-30 
O .14 12-30 +10 
O 75 1-10 %1 

a AO +23 3-23 
Q 49 1-27 2-10 
D J® 1+30 1-1 1 

O .12 12-27 1 9 

Q 55 12-27 1-5S 
Q 25 12-20 1-T0 
Q 42 1-3 1-11 

M .14 12-22 12-30' 
M .12*4 12-22 1200 
Q 46 1-6 1-20 

S 48 12-23 +19 
O 40 1-2 +13 

M 49166 1200 1-31 
Q .12 12-28 +12 
O .10 1-3 2-1 

a .195 1-13 1-31 


BETHLEHEM, Pennsylvania (Bloomberg) — Union Pacific: 
Corp. said it would consider raising its hostile, $3.2 biQion bid for! 
Santa Fe Pacific Corp. if the railroad agrees to open bidding. > 
Union Pacific and Burlington Northern Inc, have competing 
offers few the parent company of the Atchison, Topeka A Santa Fe 
Railway Co. Either combination would create the dominant 1 
railroad for moving freight in the western United States. 

Union Pacific “continues to be willing to discuss revisions to Hs 
proposal’ 1 ’ provided that Santa Fe establishes a “fair process' 1 lo 

AA«Mr6At«Yiiv 1 *• TVftnr T Anne ^tiA«pm*in nnrl /4n*if 


consider competing proposals. Drew Lewis, chairman and chief 
executive erf Union Pacific, said. ’ 


$500 Million for Projects in Russia 


DOBUdf ii phmiIiIi in Cn n o dte n fontfs# nv 
u HWtttfy ; cMroorYorhr; McaknxnQl 


Maurice Suutchi Resigns VIDEO DISK! Sony and Philips Plan a System for Full-Length Movies 


LONDON — Maurice Saatchi has resigned as chairman of 
Saatchi A Saatchi Co., the worldwide advertising company he 
founded with his brother Charles, effective Friday. 

The company's board said in a statement that he was 
“considering an offer from the board to be appointed joint 
president of the company and also chairman of Saatchi & 
Saatchi Advertising Worldwide." It said the board bad decided 
to propose to shareholders a change in the company's name, 
but it did not say what the new name would be. 

Jeremy Sinclair, currently the deputy chairman, will become 
acting chairman pending the appointment of a successor. 


Continued from Page 9 


He added, however, that a key 
feature of the rivals' proposal 
— a double-sided disk — was 
not negotiable. 

He and other officials em- 
phasized that Friday’s an- 
nouncement did not mark a 
breakdown of intra-industry 
talks, which were continuing in 
many forms. Rather, it was 
prompted by a desire to clarify 


the company’s position follow- 
ing a potentially misleading re- 
port in the local press. 

Sony and its partners hope to 
gain industry consensus on the 
standard by mid- 1995 and in- 
troduce the players in 1996. 

The victor in the format bat- 
tle is likely be decided by Mat- 
sushita, the world's biggest con- 
sumer electronics company 
and, like Sony, owner of a ma- 
jor Hollywood film studio. To- 


gether with Philips, the soft- 
ware, hardware and marketing 
power of the group would be 
overwhelming. 

Sony officials stated Friday 
that Matsushita intended to 
support their group. But in a 
statement, Matsushita said only 
that it would continue to study 
the issue. 

If emotions have gotten the 
best of Japanese executives, it is 


in part a measure of the impor- 
tance the industry is p lacing on 
the digital video disk. 

In the past, the industry en- 
joyed a string of innovative 
blockbusters — from Walkmen 
to video-cassette recorders to 
video camcorders — that kept 
revenues rising. But in the past 
few years, with technology 
seemingly at an impasse, reve- 
nues have eroded as markets 
grew saturated. 


WASHINGTON (Knight- Ridder) — The U.S. Overseas Pri- 
vate Investment Corp. said Friday it would commit $500 million 
to projects for convening Russian defense industries to commer- 
cial operations. 

Ruth Harkin, the president of OPIC, and Defense Secretary 
W illiam J. Perry will go to Russia in April with 10 American 
business executives to be gin identifying projects to which OPIC 
can commit funding. 


For the Record 


Great Atlantic & Pacific Tea Co. reported a loss for thefiscC . 
third quarter due to charges associated with its Canadian opera- 
tions. The supermarket company’s loss for the period that aided 
Dec. 3 totaled $185.7 millmn. compared with its year-earlier 

earnings of $379,000, - - --■ •• ( Bloomberg} 

Tandy Corp. announced the increase of its quarterly dividend 
20 percent to 18 cents a share from the previous 15 cents, payable 
Jan. 21 to shareholders of record on Jan. 1. The company is a 
retailer of consumer electronics. (Bloomberg) 


NYS 


r’:ia? 5 Z .'2-. 


WORLD STOCK MARKETS 


U.S. FUTURES 


I Season Season 
H*n Low 


Ooen Han Low Oo» Cho OblW 


Season Season 
hflafa Law 


Open HOh Low Close Cho OpJnf. 


Agenca France Pfwse D+- 16 


Via Auodated Press 


Amsterdam 


HO-® 
5240 5240 
19110 19250 


ABN Amro HM 4040 4060 
ACF HoMIfig 33.10 3250 
AMOfl 
Ahold 

A teen Nobel 193.10 19250 

Bota-Wessonen 3340 3350 
CSM 66 

DSM 134.10 

Elsevier 
Fokker 
ForttS AMEV 
Gtat-Bracodes 
HBG 

Hgngfc an 26230 26140 

Hoooovera 

Hunter Douglas 
IHCCaftid 
Inter Muallar 


134.10 133 

1730 1730 
1130 1040 
7440 7440 
4640 4650 
265 263 

26230 26140 
7240 7240 
77 77 

4240 4240 
9240 9240 



Close Prev. 

Scherfaig 

1004 

1000 

Uamens 

437 JO 

423 

Thyssen 

278.40 T75S0 

Varta 

2+1 JO 

301 

Veba 

5K30S32J0 

VEW 

408J04&L59 

Vkw 

443442ft 

Volkswagen 

423 

410 

Wei la 

950 

9S0 

D AX .index j 

207086 



Season Season 
HOfa Low 


Open Hah Low Case Oig OoJrrt 


Forte 

GEC 

Gcnl Ace 

Glaxo 

Grand Mel 

GRE 

Guinness 

GU5 


flows : 76048 


Helsinki 


Irm Nederland B140 81.90 


KLM 
KNP BT 
KPN 
Nedllavd 

OceGr fallen 

Pakltoed 

PNiliw 

Polya rom 

Roboco 

Radamca 

Rollnco 

Horarto 

Royal Dutch 

Stark 

Unilever 


4140 4120 
48.90 48.90 
5JM 56.70 
5MO 55 
2 75.18 
W 47 
_ 51 51.10 

78.10 7640 
UIJO 111 

47.10 47 
11240 11230 


Amer-Yhtvmo _ao 89 

Enso-Gutzett 3740 37 

Huhtamokl 149 148 

K.OP. 5J5 545 

Kvmmene 120 122 

Metro 133 135 

Nokia 6B0 602 

PoUlota MU0 65 

Repaid 0120 8490 

Slodunann 249 2*3 

HEX. Genera l.tadex : 1 80676 
Prevkoos : 181858 


Hlltadown 
HSBC HfaJas 
IC1 

Inchaow 

Kknatlsher 

LOd broke 

Land Sec 

Laports 

La-mo 

Legal Gen Gra 
Lloyds Bank 
fatorks So 
MEPC 
Natl Power 
Notwest 
NthWst water 


PB.0 

Pllkfaigton 

PowerGen 

Prudential 


Rank Ora 
Reeklti Col 
Red land 
Reed Inti 
Reuters 
RMC Group 
Rolls Rayce 
Rath ran (unit) 
Raval Scot 
RTZ 

Satnsbury 
Scot N ewens 
Scot Power 
Sears 

Severn Trent 

Shell 

SM» 

Smith Neohew 
Smith Kline B 


18640 1B7X0 
43 4240 
199 19930 


Vrai Orameren *5J0 4540 


WMters/ Kluwer 122 171 JO 
EOE index 240838 
Previous : 40749 


Brussels 


Almanll 

Artwd 

Bor co 

BBL 

Befcnert 

CUR 

CMB 

CNP 

Cocker II I 

Cobepo 

Colruvt 

Del ho lie 

EiectrobH 

Elcchnflna 

Farits AG 

GIB 

GBL 

Gevaert 

Gtavortwl 

ImmoM 

KradleKxmK 

Mosom 

Petrottna 

Pawerftn 

Rertfcei 

Rorole Belse 


7710 7700 
4700 4700 
2430 2*30 
4395 4395 
22750 22290 
12100 11900 
2545 2555 

1990 1980 
205 200 

10*5 1030 
7120 7050 
1258 1262 
5670 5650 
2S*0 2830 
2700 2675 
1270 1268 
3766 3750 
1446 1*62 
4100 4210 
2700 2570 
4770 6300 

I2& HE 

9350 9270 
2970 2990 
450 440 

4970 4915 


Hong Kong 

Bk East Asia 29.20 
Cathay Pacific 10.90 
Clwung Kong 31.90 
China Light Pwr 3330 
Dairy Form Infl 840 
Kang Luna Dew 1130 HAS 
Hang See Bank 5535 55J0 
Henderson Land 35.90 3670 
HK Air Eng. 26 2L50 

HK China Gas 1Z35 izio 
HK Elecfrtc 2130 2165 
HK Land 15J0 1545 

HK Realty Trust Kill 1345 
HSBC Homings 82J0 S3JS 
HK Shona Hits &90 860 
HK Telecomm 1*50 i4jra 
HK Ferry .8.10 ajn 


Hutch Whampoa 31.10 31 J» 


Hvsan Dev 1545 1540 
JordbwMaih. 5625 5635 
Jordtne Str HW 2740 7! AS 
Kowloon Mai or 13.10 1335 
Mandarin Orient 9 855 
Miramar Hotel 1640 1660 


. 9 855 
1640 1660 


New World Dev 2030 


SHX Proas 
Stehix 
Swire Poc a 


Tnl Cheung Prp* 740 


Sun Alliance 
Tote 6 Lyle 
Tesco 
Thom EMI 
Tomkins 
TSB Group 
Unilever 
Uld Biscuits 
Vodafone 
War Loan Jto 
Wellcome 
Whlibreod 
Williams Hdas 
Willis Corraan 
FT 38 Index ; E 


Sac Gen Banaue 8160 8150 
SocGenBetglaue 2190 3135 


7VE 3L2B 

Wharf Hold 2S.40 

WteMlockCO 1295 

Wing On Co Inti 835 

Wlnsor Ind. 930 

n *» 


233 230 1 

272 263 | 

539 538 

627 438 I 

3.96 347 ] 

1J» 144 

448 

535 53B 

230 238 

146 143 

Aft 688 

7A5 736 

*34 435 

615 4.08 

1« 132 

534 SL62 

695 693 

132 136 

*30 433 

554 644 

181 336 

347 331 

4.7! 440 

5JO 4.97 

5.15 SiH I 

5.64 560 ! 

611 

1-5? 

50* 442 

3.14 334 

5-07 4J@? 

583 542 

<46 434 

766 7JW 

<64 458 

9JD 939 

143 159 

<71 4A5 

<05 196 

835 611 

336 

. 4ft 

338 336 

1-07 135 

5-10 

692 

536 138 

152 151 

454 4A3 

<52 447 

106 298 

4.17 410 

236 235 

10.15 tojoa 

213 2j07 

237 230 

1136 1134 

336 3.16 

2 137 

4213 4154 

6H7 668 

5A5 535 

212 212 

139 135 

5.11 


BCE MaWle Cara 4» 43J4 I sing Airlines lorn 1410 14 


CdnTIrvA 
can util A 
Cascades 
CTFfall Svc 
Extend I care 
Gaz Metro 
Gt-westUteco 
Hoes Infl Bcp. 


12 12 
234* 2H* 

18 18 
18 18 
12M 12 

21W 211ft 
1ZW 12V. 


830 835 
855 210 
235 234 


Hudson's Bay Co 24 W. 24W 


Investors Grp Inc 16*6 16*ft 


Sing Bus Svc 
Sing Land 

Sing Petlra 

Sing Press fom 2530 25.90 
S no ShtobWg 246 250 

Sing Telecomm 
Strolls Steam 
Straits Trading 
Tort Lee Bank 
UM Industrial 


Lafcatt (John) 21 204* 
Lob law Cos 211* 219* 
Malsail A 181* IBM 

Nail Bk Canada n* 
Othawa A Iff)* 179* 

Pancdn Pefrulm 40 4 (H* 
Power Cora 18*ft 18W 
Power FMl 271ft 27V* 
Quebecor B 166* 161ft 
Rogers Comm B 189* 189* 
Roved BkCda 28V* 28V* 
Sears Conoda Inc a 8 
Shell Cdo A 411* 42W 
SouthOm me 151* 15V. 
Slelco A 816 816 

Triton Flnft A TV 200 


282 262 
454 472 
358 358 
432 432 

__ 135 1-34 

UMO^eoBkfora is 1530 
Utd O'scas Lnd 272 272 

s f 


Sldmazu 
Shlnefsu Chem 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Suml Marine 
Swnitorao Metal 
Tobol Cora 
TakedaChom 
TDK 
Tell In 

Tokyo Marine 
Tokyo Elec Pw 
Toppan Printing 


Taray Ind. 
Toshiba 
Toyota 
Yamalchl See 
a: x 100. 


Stockholm 


681 682 
1900 1910 
5380 5380 
1820 1830 
555 556 
622 830 

314 315 
586 589 

1190 1190 
4620 4620 
524 528 

1150 1170 
2790 2770 
1380 1380 
698 703 

TOO 700 
2060 2070 
700 698 


Grains 


411* 42V* 
151* 15V. 
816 BV. 
TV 280 


jusarmi 1 ™ 


AlrUQukJe 
Alcatel Abiham 
Asa 

Bmicofag (Cle) 
BNP 

Bouniues 

Danone 

Carrefour 

C.CF. 

Cents 
Chorgeurs 
Clmints Franc 
Chib Med 
ElMwttolne 
Euro Disney 
Gen. Earn 
Havas 
1 metal 

Lafarge Comen 
Leg rand 
Lvan. Eaux 
Oreal (L'l 
L-VJULH. 
Motra-Hachefte 
MIchellnB 
MouUnax 
Paribas 
Pechlney Inll 
Pernod- R I cord 


AGA 
ASMAF 
Astra AF 
Atlas Copco 
E lectrolux B 
Ericsson 
EsselteJV 
Handebbank BF 
Investor BF 
Norsk Hydro 
Pharmacia AF 
Sandvlk B 
SCA-A 

S-E B raiken AF 
Skandla F 
Skamka BF 
SKF BF 
StaraAF 
TraUeiwro BF 
Volvo BF 



Toronto 


Sydney 


AMtCM Price 
Air Canada 
Alberta Energy 
Alcan Alwnlram 
Amcr Barrtcfc 
Avenor 

Bk Nava Scotia 
BCE 

B C Telecomm 
BombareBer B 
BronwHeo 
Brascen A 
Camera 
CIBC 

Cdn Natural Res 
CdnOcdd Pel 
Cdn Pad He 


FT-SB 1M 
Prsvtaus : 


Madrid 


Ptaoulf Prfnf 
Rodtotectmlakie 
Renault 
RSi-Poulenc A 
Raff. SI. Louts 


Safina 

Soivoy 

Tessentedo 

Ttactebel 

UCB 

Unkin Mlnlere 
wanansuts 


13175 13075 
14975 14900 
10100 10000 
WOO 9700 


BBV 3345 TW O 

Bco Central Hlsp. 312s 3110 
Banco Santander 5320 5360 


Frankfurt 


15015130 
274 275 
2499 2464 
619 624 
740 720 
307 JO 


747 737 

449 447 

SOS 206 


AEG 

Aloote! SEL 
Al Nam Hold 
Alton 
Aoteo 
BASF 
Borer 

Bay. Hvpo bank 
Bay VOrefnsbk 
BBC 

BHFBarik 
BMW 

Commerzbank 
Continental 
Dataller Benz 

Etetwssa z£-. 

Dl BaDcadc _W »6 

Deutsche Bonk 717ft7T750 
Douolas 436 43S 

DnHOMT Bonk SlOJOdOta 
FeWmuehle ^,^00 300 

F Krwp Haesefi 2003020150 
Hofpener 339 3ie 

Henkel 533ft S7 

HochtW ™ ^ 

HaecMt £9 

Hetantom 
Horten 
IWKA 

Kail Sal* m r _ 

Kflrstadt &> M 

KaufhOf 457 452 

KHD ™ >23 

Ktaeefcnsrwefke 12110 123 

Unde *2 

LufttlODM WJ ™ 

MAN 3NjO 3» 

USSSSSTL ® ™ 


Market Closed 
The Johanues- 
burg stock market 
was closed Friday 
for a holiday. 


Bones to 

CEPSA 

Dragados 

Endesa 

Ereras 

Iberdrola 

ftcpsbf 

Tabacalera 

Telefonica 


965 950 

3175 319® 

&3S 

M3 146 
851 B56 

3705 3720 
3625 3558 
1640 H30 


s'if&rarate 


Amcor 295 BJO 

ANZ 4-08 <09 

BMP 19.14 19 

247 324 

Bouoofaivllle aia Oft 

Cates Myer 4 ft 4J* 

Comalco 4ft 4ft 

CRA 17ft 1782 

C5W _ «5 AM 

Fasten Braw, 1.14 l.M 

Goodrmm Field i.i6 1.13 

IC1 Australia 10ft 11.14 

Mmwiian 1ft ift 

MIM 213 210 

Nat Amt Bonk 11 hjq 

News Cora.... 5.03 437 

N Broken Hill 238 224 

Poc Dunlop 247 254 

Pioneer Inti 3_Z7 3J6 

Nmndy PoseVdon 1 M ij» 

Pubilsha Bntcstg 253 3ft 

OCT Resources 1J5 tjs 

Santas 256 232 

TNT 216 211 

Western Minina 7.2a 7XO 

Wesfpac Banking 445 4ft 

Woods! de 4ft <75 


1J0 Ift 
212 2.10 
n mo 

203 4S7 

238 224 
2*7 254 
227 126 


M97 


te SD ^ CSF 

UAP. 

Valeo 




SS 


Soo Paulo 


Banco do Brasil 


Aiteenn 
Asst tat la 
Auttxstnxteprlv 


London 


AWTOTNon 417 

Allied Lyons 5ft 

Aria Wlggfara 2ft 

Argyll Group 2ft 

A5SBI1I Foods 563 

BAA 170 

BAe 


Bank Scotland 208 


Po«ehe 

praussaa 

PWA 

RWE 

Rhommetall 


6ft 4ft 
44250 43S 
234 234 


Barclays 61 

Bass 52 

BAT 4J 

BET IX 

Blue Circle 2J 

BOC Group 7-0 

Boots <5 

Bawater « 

BP <2 

Brit Alrwovs 1* 

Brit Gas 20 

Bilt Steel Ii 

Brtt Telecom 3J 

BTR 

Cable Wire 26 

Cadbury Seh <0 

Cara don 25 

Coats Vi yet la 1.* 

Comm Union 52 

Courtoolds <4 

ecc giw_.. 


Autostnuteprlv 
BttAortcotiura 
BcaCommerltol 
BeaNazLavara 
Bco Pot Navafo 
Banai dl Rama 
Ben Ambroslano 
Boo Napoli rise 
Benetton 

Crsdlto l !□ llano 
EnktemAug 
Ferfin 
F kit spa 
Flnau Agrgind 
Flnrrwcranlco 
Fondtarla spa 
Generali Assic 

IFIL 

llpl cement) 
Hakjca 
Mediobanca 
Montedison 
o/fveffl 
Pirelli sm 
RA5 

Rlnascente 
San Paolo Torino 
SIP 
SME 
Snlabpd 
Standa 
Stet 

ToroAssIc 



Brodesco 

Brafxnu 

Comtg 

Etetrobrot 

itaubanco 

Light 


Souza Cruz 

Telsfaras 

Tete» 

Usiminas 

Vale Rio Doee 

varia 


previo us : WU 


18ft 1BJ0 
lift 12 
7.90 7 ft 
384J0233ii 

93 9050 
3(3 3® 
242400 
350 345 
1&3D 1525 
12412450 : 
7 25 7ft 
4260 up 
413 3» 

1ft 1ft 
US 156 
245 270 
49174 


Tokyo 

Akrt Eteetr 365 367 

ftseJsi Chemical 709 714 
ASOtH Glass 1190 1200 
Bonk of Tokyo U90 I4gg 
BrkiBestoiM 1570 1570 
Canon 17W 1710 

Casta 1230 1230 

Dai Nippon Prim 1780 1710 

Daftm House 1390 1380 
Daiwa Seeuriiles 1320 un 
Fanuc 4m -wo 

Full Bank 2120 2090 

Full Photo 

Fujitsu 
Hitachi 
Hitachi Cable 


Com Inca 
Consumers Gas 
Dofosco 
Domtta Ind B 
DuPontCdaA 
Echo Bay Mines 
Empire Co. A 
Falconbrldge 
FWrtier OmII A 
Franco Nevada 
Guardian Cop A 
Hernia Gold 
Horsham 
Imperial Oil 
ineo 

IPL Energy 
LaidlawA 
LakHaw B 
Loewen Group 
London InsurGp 
Mocmlli BkMdei 
Mogna Irtl A 
Maple Leaf Pd, 
Moore 

Newb ri dge Netw 
Norondo me 

mj* ifiuu pui C4i 

N o reen Energy 
Nthem Tetecom 
Nova 

Onex 

Petro Canada 
Placer Dome 
Potash Cora Sosk 
Provtgo 
PWA 



WHEAT ICBOT] 6000 av pk.m.mih ae u^ wriwwiei _ 

<1814 Dec M in 279V* 171 279V* .007% 791 

<2654 323 Mar 95 255V* 193 h 185 193'« -tLOr* 44320 

3ft v, 2l6WMay 95 349V, 3J6V* X69V* 3J6'i »0.0*k. 7,232 

un 111 Jill 95 341 1*6*4 340V* 146^. -(UHVi 14.118 

345 2» Septs 245V: 151** 1«S*V 3J1V* »045 , 4 735 

3.75 20 Dec 95 251 341'* 258 341'* -0JI6W Z77 

254 ** 325 Julte , _ 2*4 -DJHVj 13 

Est. toes 18400 Thu’s, toes 12851 
Thu’s open *11 67486 U> 450 
WHEAT IKBOT) Sto Bu mnkwm- o^s.pw budiei 
4JTA H2»Dec9* HJOVj 406V, 403 Vi 406Vh -0JB 1 * 1.617 

4J2PA 225 Mor95 2B6h 2951* 1M 395 *008 21B5) 

<03 32thAftov95 3J3V. 181 173 347 ‘0074. 1236 

266V. 1I6VIJUI95 1*7 3-S3V. 1J7 3JS3V4 *OjOSV. 4931 

177 179 Sep 95 341 2571* 341 256V* -OD5V. 138 

169V. 3ft Doc 95 X6t 344 261 344 -Oft'A 39 

Ed. toes NA Thu's, toes 5417 
Thu's oomini 31812 UP 718 

CORN CCBQT) ungtwmMnwn-awriHriwnii 
277 2-IDViDecM 217’* 218V, 217 21 B'A *04114 2450 

242V. 2JtH*Mort5 2-28 22916 228 229V, *04114113477 

245 226 Mov 95 24Aa 237 2341* 2J41* -002 44468 

245V. 2-321uJul95 2J9L. 24014 2J9 1 * 2401* *041 M 42250 

2J0V* 236 Sep 95 243 244V, 243 244<* *041*. 5497 

243 7451* Dec 95 24*’* 246 246V4 24714 *0411*26,750 

240’* 2499, Mar 96 2J3'- 254V* 253V4 2541**0411* 1.796 

247 25SV.-U96 260 262 260 262 ‘0.01V. 1.557 

ESI. toes 32400 Thu's toes 2*483 
Thu’s open «rt 2*1753 oft 3853 

SOYBEANS (CBOT) Stoeuntanrun-WAwiperDuHitl 

744 MPAJcwitS za 16V 5ft W 546 1 * *0.03W 91416 

745 S47UMV95 573** 579 5721* 5761. +043 34.563 

145V. 544 May 95 54TV. 547 5J1VV 545*. *00*. 11775 

746V* 543V* Jul 95 J46V, 593 S46V, 5.90'/, ,0.03 25.953 

6.1! 546 V. Aug « 5.90V, 595 590V, 593 +042V4 2-296 

5.15 57) Sep 95 191 196 191 1«3 -0.D7 1 * 1.237 

6ft V, 5J6V»Nov95 597V, 6JK 597 6fllB4 *042'* 19,208 
414 595 Jot 96 648 648 4.071* 607 V* ‘042V. 125 

<17 642V* Mar 96 <13 6.1* <13 <14 -UPVi 26 

<26 599 1* Ji* 76 <17 U 

&V 1M Maw 96 <M <06 <04 <04 129 

gy.toes 29*0] rwi toes so.978 

Thu’sapenlnt 137412 oft 43 
SOYBEAN MEAL (CBOT1 ■■IW'MavM'M 
70940 1 5*10 Dec 94 156ft 15740 15640 15670 *050 1418 

207ft 155ft Jan 95 1750 159.10 15740 15750 -050 2642* 

Wft IftJ0Ator9S 161 JO 16340 IMl 90 161ft +040 30409 

2W-W «3ftMay95 165ft 16740 16500 14520 +0J0 1*.907 

M640 16840 Jul 95 16950 171ft 14940 149ft -050 12530 

'KM 17040 Auo 95 17140 173ft 171.60 172.00 +OJ0 1206 

102ft 17240 Sen 95 17340 175ft 17340 I7<30 -lfaO 1.5B7 

16140 174ft Od 95 175ft 17640 173ft 173ft 5-«2 

18S50 176.50 Dec 95 17850 179ft 17840 17840 +0ft 3J75 

10158 . 1 60.00 Jaa 96 17940 IB 

Est. toes 11400 Thu’s, toes 1U29 

Thu’s ooen kn 99ft5 all TIB 

SOYBEANOO. (CBOTJ <0600 Ito- (boors Mr wh 


1475 1057 JU9S 1472 1540 1<77 

1196 105700 95 13ft 1400 1278 

13ft 1088M0T96 1105 Uft 1345 

1100 II.1BMOV96 1290 lift 1290 

1272 lift Jut 96 1268 1275 1245 

1250 124002 96 T25D IZft 1250 

Est. sales 39487 Thu's, soles 29504 
Thu-saoenH I9S533 up 1687 
COCOA (NOE) n™mcwtv-lB*«n 
1605 1877 Mar 95 1288 1315 IM* 

1612 1078 May 95 1298 1326 1298 

1600 1225 Jui 95 1315 1345 1315 

1560 1263 Sea 95 1333 1360 1333 


+0.11 23481 
+ 047 26,178 


047 6484 
-IU7 2079 
*047 1416 
+047 69 


1405 


12B8 

1375 

1612 

1078 May 95 

1290 

IXU 

1600 

1225 Jul 95 

1315 

U4S 

1540 

1263 Sep 95 

1333 

IJ60 

1676 

1350 Mir 94 



1442 

12256*0+96 







1531 


U45 

1445 

1385 

1356 Dec 96 

1356 

1385 


Est. sides 941* Thu’s, sales MSB 
Thu’s ooen Inf 76464 oB 1111 
ORANGE JUICE (NCTN} 15400 In.- ran w< 


+9 37,778 
+12 I2J7B 
+ 12 <130 
+12 2141 
+12 7405 
112 4377 
*12 2415 
+ 12 70 

<712 


1 33-Da 8940 JOT 95 11235 IM6S Iff ft 

13425 9340 Mir 95 11640 118ft 11258 

12446 9740 Ml** 95 117ft 17125 117ft 

127ft I0050JUI95 122ft 12400 12250 

13025 1 07 25 SfiP 95 TZL25 12720 12325 

129.00 10940 NOV 95 12340 12640 12340 

12940 10550 Jan 96 12740 127 40 12740 

13000 1 24 25 MIT 96 12940 12940 129.00 

12640 12640 May 96 

Est. toes na, Thu's, sales 2.206 
Thu's open mt 25.727 up 58 


+ lft 9,933 

♦ 155 8.78* 
+ 1ft 1479 
+ 1.95 

+ lft 

+ 1.15 1408 
+ 120 

♦ ftte 
+ OJO 


94220 *OJ50Mar96 91430 91440 91730 91770 — 7017<347 

911 W 91.650 Jun 96 91490 91400 91780 91420 —60136448 

92570 91-6205ea96 91440 91750 91430 91470 —60114418 

EH. toes 5104*2 Thu's, toes 596510 

Thu’s open inf 24W471 oft 10573 . 

BRITISH POUND (CMER3 Spercnuto ImVcauoissaOMI 
16*36 14500DKM 5622 15636 15590 15606 -22 27594* 

14440 14640Mar95 1-5618 156C 15*02 1-5606 —20 45476 

16390 1 JEMS Jun 95 15630 1-56*0 15610 15602 —22 174 

15420 1 5400 Sep 95 1-S504 —36 4 - 

ESI. sales 13482 Tiki's, toes 9408 
TWsopsnint 73448 UP 130 

CANADIAN DOLLAR (CMSI) loerdfa-linlnleaiiobsunH 
0700 07038 DOC M 07211 07215 07178 117182 —22 19,929 

076M 07020 Mar 95 07207 07200 07167 0.7172 —19 *2533 

I 07522 04990 Jun 95 87190 07190 07145 071 S2 —19 1502 

07438 04965 Sep 95 07175 07175 07135 07135 —19 1J72 

07408 07040 Dec 95 07155 07155 07120 07118 —19 248 

07315 071«iIWnr96 07102 —19 45 

Est. soles 9,183 Thu's, toes 7511 
Thu’s ooen mt 65449 Oft 751 

G«MAN *WO( [04«) , -r ™rk- 1 MntoHKM 
04731 05590 DOC 9* 04320 04370 04360 0 4 3 63 —3 48557 

04745 0:5610 AVer 95 04374 0.6381 OAJ70 0.6374 —2 68401 

04/47 05980 Jun 95 04403 044D5 04396 04401 —1 1481 

04740 04347 Sen 95 04430 04130 04430 04431 — 1 134 - 

Bt.toes 17JJ45 Thu's, toes 2540B 


—19 <2553 
—19 1502 
—19 1,172 
—19 241 . 

—19 45 


Thu'sooenM 11B7» up 2034 
JAPANESE YEN (CM ERJ town RMnvAttjnni 

SS^^^SffMlD^O^SjioSSoiOOW + 17 OJH 

001U700-009776Jun 95 00101971601071004101730410200 +17 2ft8 

041K750.010200Sep 95 0410329 +17 327 

M107d«U)WiTIDoc 95 +18- IM-'- 

OJHO93P0AlB5«f8tar96 041M92 +7 V 

Eg. sate* 18.150 Thu's, sales 21, Iff 

Thu’s open ini iqleu off 1221 

SWISS FRANC (CMER) spwtam- 1 paMrauaktUBDi 

ftWW 0 4885 DSC M 07522 07530 07510 0.7516 —3130,995’ 

Dft36 0J2TOMO-95 073*5 07570 07545 07550 Z]9 S?16 

Si!« 07(08 0414 07596 — 59 m 

MISS 0761 8 Sep 95 It. w; _jo 51 

B0. toes 9,749 Thu’S, sides 13547 
Thu's ooen mi 67430 up 39 


AAetals 


HI GRADE COPPER (NCMX) 2S4Hln.-rata.vwl, 


+OJO 1418 
•Oft 2642* 
+0ft 30JJ09 
‘0J0 H.907 


139.70 7575 Dec 9* 13970 140100 13840 138JH 

13945 76ft Jem 95 139ft 139ft 138ft 13875 

13670 7X00 Fab 93 13750 13750 137 ft 13770 

13730 7X0dMor 95 136ft 136» 13Sft 135A5 

131ft 9170 Apr 95 132.50 132ft 131ft 132.10 

131ft 7645 May 93 130ft 730ft 129.15 12945 

126.00 10*. 10 Jun 95 126ft 

12570 76.00 -kH 95 12160 12340 123ft 12345 

120ft 11140 Auo 95 12055 

IZIft 77. 10 See 95 118ft HBft 117.80 11745 

1 1 5ft 113.000095 115-35 

11575 88.00 Dec 95 11150 11250 111ft 11155 

111 JO 88.50 Jem 76 111/5 

U2ft 4270 Mar 96 109ft 109ft 109ft 100ft 

109ft 107 JO MOV 96 107ft 

S07.sa 105ft Jul 96 10650 

J0S.M lOSTSSgsffi 106ft 

11195 11 395 Nov 96 11X40 

Est. toes 8JXD Thu's, toes 144200 
Thu's open fart 

SILVER (NCMX) M9HmgL.nraHrh*oi 


-055 417T 
-0.10 1.928 
-030 761 

-030 29426 
— 055 

—025 3478 
-Oft 

—025 XC2 
+025 359 

-OJ5 1431 
+ OI0 2ft 
+0-35 3452 
+ 0.50 
+0-30 

♦ 1J0 

♦ Ift 
+095 

+020 67 


Industrials 


*0400 0»- tenors Mr loom 


29.75 22ft DocH 21.10 29. *3 71 X, 7943 

20.55 2X63 Jan 95 27.70 2BJD 2745 28.00 

2020 22.91 MV 95 2653 27.14 2678 27.14 

2005 22J5SMOV 95 26J0 2622 24ft 2629 

27.85 22.76 JUl 95 2550 2185 2Sft 25.7V 

2720 7273 Auo 95 25.48 2548 1520 25.45 

Z3JJS 227 J 5oo M 3L9J ZL27 2L93 2i» 

2485 22750095 2X05 2105 2495 2502 

2445 aiftDecVS 34ft 2490 3470 2490 

2450 2X25 Jon 96 2430 

EN. sales 15400 Tte/Ltoes 14462 
Thu's open fart 1ISJ92 all 880 


•02* <909 
•037 33404 
•021 3277 
+ D27 IB432 
+ 0J2 11,227 
+020 2224 
♦ 0ft 2229 
+021 4467 
-0-25 5.139 
+0.15 B0 


5WJ 

3800 DecM 4800 

4810 

4770 

57<S 

4010 Jot 95 


477 Jl 

*710F*b95 



60*0 

4145 Mar 95 4850 

487J 

482J 

41X5 

41S0MOV95 4710 

4910 

4890 

410.0 

4200 Jul 95 4990 

499J 

4970 

603J 

*77J5e»95 


4280 

4850 Dec 95 5T<5 

51 <5 

S72J 

612.0 

51 40 Jon 96 



6220 

4980 Mar 96 



5»90 

4990 MOV 96 



6000 

SWO Jul 94 



5340 

5340 Sep 96 




Livestock 


973 985 

WO 965 
80S 802 

1690 1710 
5230 5200 
699 698 
688 892 
828 830 


Singapore 


I Enterprise Oil 3ft 


Montreal 


Eurotunnel 
! Fiscr.5 


A tea Lid l 14V* 

Bank Montreal 2 5V> 


Asia Pee Brew 
Cerebas 

CHy Devetapmnt 
Cycle BCorrHwe 
DBS 

DBS Land 
fe Levi roster 
Fraser BNeove 
GtEostnUfe 
Hong Leung Fin 
incheaee 
Jurono Stupvard 
Kgy HlanJCapd 
Keogel 
Mowed 
Nestune Orient 
OCBC foreign 

CYsaas Union Bk 

O’scas Union Ent 
Sembawang 
14V* Slmo Singapore 

26 SkWAoresMce 


1540 16 

7.70 720 
7ft 7ft 
1210 13 ; 

I Oft 1030 
<30 <28 

680 675 
14J0 K90 

2620 26ft t 
<06 <00, 
5.10 5.10 ! 
1170 1140 j 
1JM 1^7 
lift 12 
2ft 251 
IM 2 

14ft 1470 
Oft <70 
MS HO, 
Oft 9ft 
1ft 1ft 
218 2ft 


IlD YOkOdO 
Itochu 

JOTon Airlines 

Kallma 

KorsdI Power 2360 

Kawasaki Steel 3ft 

Kirin Brawny 1D7U 1090 
Komatsu ftl 901 ; 

Kubota 694 705 1 

Kyocera 7300 raas | 

Mateu Elec Inds 1570 1570 
Matsu Elec Wks 995 10W 
MitlubfjW Bk 2370 aw 
Mltsub Qiemlcul 538 541 

Mitsubishi Elec 698 7H 

Mitsubishi Htv TS 723 

Mitsubishi Qtrp 1270 In 
Mitsui and Co 
Mitsui Marine 
MltsukosM 
Mitsumi 
NEC 

NOKInsulatora 994 1000 
NIkko Securities 1050 1040 


Renaissance Env 
RteAteBih 
Seagram Co 
Stone Console! 
Talisman Env 
TeJegtabe 
Telus 
Thamtem 
T orPem Bank 
Traraalta 
TronsCda floe 
Utd Dominion 
UMWesibume 
Westcaast Env 
WeoiM 

Xerox Canada g 

TSE 300 tetfex ; 4nOJ8 

Previous : 411170 



Zurich 


8» 8J7 
730 742 ; 
999 995 
1360 1370 
1120 1130 ! 


Adta I nil B 219 216 

"wwjtee Bnew 6S 636 
BBCBramBovB 1096 1101 
apgefiw B 776 772 
CS Holdings B 546 SB 
ElektrawB 350 jo 
F ischer B 153$ 1S0 

B UK 1480 
J eimpt l_B 727 7» 

Landis Gvr R 004 795 

«»vem4i*B 473 So 

Nestle R 1257 I2S 


004 795 

<73 470 

1257 1258 


Oertlk. Buffirte R126J0 126ft 


CATTLE (CMBU «0B0tn.-ratanrli 
7«9 6675 DK 96 7045 70.90 7057 7177 

74J5 6647FA95 7043 7DJB0 70JC 70.48 

1 75.10 6747 Acr 93 7040 71.10 TB72 M 

69 JO 6400 Jun 9S 6LB0 6<10 6377 65.97 

46-10 E -SOAuO « <370 6410 4370 6347 

OM *1 rood 95 6450 4460 4437 64«S 

MS 6U5Dec95 65ft 6535 65.15 65ft 

Ete.ton lin< Thu's, toes K280 
Thu's o pen im «439 

FEEDER CATTLE (CMER) HUDODv-anfiDer «l 
80ft 77 JO Jon 95 75ft 7175 75.15 75.70 

BOSS 70-15Nlor95 7375 7U5 7145 73.17 

76J0 69,95 Apr 95 71.TO 7127 HJS 7107 

74J0 <9.20 May 93 70.90 7175 TUBS 7175 

JTQS ffftAualS 71.10 71*0 71.10 71 JO 

7035 6875 Od 95 7040 70JO 70ft 7050 

OOJiO 69 .60 Nov +5 70.75 

71ft <970 SOP 96 7050 7070 7050 7070 

Eel soles 1,77! Thu’s, toes 1752 
Wsaemlrt 9.M9 afl 173 
HODS (CMER) «»<+■ o«ta porta 
5050 JQJODecM 3490 3122 34ft 35ft 

9U0 3402 Feb 95 38J5 J9ft 37ft 38.07 

48ft 35ft Aar 93 38 JO 38ft 27ft 37ft 

47ft <8135 Jun 95 43.90 4400 40ft 4L35 

4Sft 4065 Jul 95 43.90 0.95 43ft 4135 

*470 AUO Aug 95 4190 6400 43.10 *0ft 

42ft a JO oats *2.10 42*7 4 LX 41.70 

*<05 39ft Dec 95 4170 *3ft *340 43J0 

4455 41ft Fob 9e 4420 4570 *420 4425 

Esi. sales HW Thu’s, tom 1Sft4 
Thu's opai id 31011 off 7ft 
PORK BELLIES (CMER) 40J08BS- rata per B. 
60JH 35. 1J Feb 95 3Mi 4UU »3S ftft 

60ft 35ft Mar 95 39ft *0ft MJ5 

61.15 36ft Mov 95 40ft 41 JO 39ft 4SJ0 

5400 37ft Jul 95 41.90 4200 4047 41^ 

*400 36, 70 Auo *5 4SLSJ 41ft 39ft 3?ft 

5017 39ft Feb 9s SOSO JUO *9ft ffft 

59ft 3 9ft Mar «, 5002 5007 49ft 49ft 

Ed. toes 2455 Thu's. Ides <827 
nwiaoenlnt 10725 off *4* 


+070 3465 
+ 0-10 31,11* 
+ 0J3 2<L4X> 
+0.15 <676 
•0.15 3.948 
♦0.10 lftO 

+UB 223 


+ 048 3,5*0 
+047 MW 
i(U5 1.222 
+IUS «W 
•025 258 

•UO 45 
+0J5 B 
•ms 58 


Ea.toes 12-000 TWs. toes i<ow 
Thu'sooeninf 133433 off 771 
PLATMUm (NMBil StrrevoL-dalanaerrrevte. 
ffiJO 374ft J ot 95 *1240 416ft Jl2ft *1240 

4JV.00 390ft Apr 95 *1540 419 ft 415ft 41540 

439ft «»40Jul95 42040 422ft 42000 430ft 

441 JO *13ftOaVS *2670 

43940^ 420ft Jon 96 42a*o 

Eg*, toes iiA. Thu’s, sate 5478 
TN/SOPWilnl 27459 off 387 
WLD (NCMX) MHvn^WarwumrgL 
mS> 39031 37, « 

Mfft 37940 Jan 95 

36340 Feb 95 382J0 30160 38U0 
22-00 34440 APT 95 386ft 387.50 30460 

»!-« Tnm 399ao 

4 <» 38040 AUB9S 
4I9J0 401.000a 95 

mai 1W40DK95 404.50 404ft 40240 
G<50 *0460 Feb 96 

4Mft 418ft Apr « 

43140 * 13ft Jun 96 
Aug 96 

_ Oct 96 

Ed. toes i<oao Thu’S. SOBS 17477 
Tiki'll own ku 179,236 off 731 


—14 89 

— 1J 
— IJ 

— 1 J 74J76 
— U 10441 
-1J 7,450 
-14 9498 
-1.9 ,<98° 

z\-S 1 ~ 

—1.9 
— IJ 


Sutton 2 (nctn) suNbs-cmitab 

Mft 64ft Mar 91 0538 0540 IQft 01.17 

flift 64.00 Mav 95 85-70 0630 in 7; mu 

™ ^ ^ ss ss 

^SS-1 »» »- ^ ™ 

i^oteTS^sate 10J06 SS 


— 1 JI 32J7T 
— 142 11.05 
—1ft <481 
-068 1J41 
—OSB 6478 
—060 -.84 
-Oft 




y; 


up 1834 

HEATMCOL INMER) OJXX1 at*- u. 

g & sna"» 

SS5SS?SS 2 % is Ii 

g sasa ss 9 II II 

n.95 49JOOd95 Sl5 50ft SDLH ftft 

n ygs 1 Ii 




•Oft 10455 
+8.10 1<#S7 
+ 0.10 2fti 
+0.10 822 
+aio 


7!Sfe?BgUW 1«J7* OH SB 
LIGHT SWEET CRUDE MMHI 


— 0*3 31310 

[ITT *0-410 

-OSS2L4S6 
11811 
+005 8.1ft 
+005 4950 
— 025 7686 
+005 3.120 
♦Oft . 

+ 030 1625 
-005 1-MI 
+0JB 5432 
+0.10 ‘ 


1 m 


sw msSf?5 e iis«jna ^ 


WBL H H H 


—160 149 

—140 

-160 91,224 
-140 13482 
—160 21410 
—160 
—160 

-IJ» 9467 
-Ift Z140 
—Ift 

—Ift 5454 
— 1ft 

— 140 


iH!¥ 0v «5 s U!S 17 ’-» aw i7i» 
K-i K* JM? yjn 


1 <05 Jul 95 1731 1765 ii* ,,-S 

It-ISSSJ? l?-2 iZft 1742 


lisgs ill !» i’l ill 

IMdStK Mi 17ft 1741 


g. iilll s ‘ M ss | 

I HK | 

3S 1?SSS ,,JS ™ k 

IK 

■uSI S.5SJTL •‘■ 1D0 ohm 
aS E ^5°S« 4E 5a T^9s‘ OJ, S^ 

5U5 Sha S-S 50.10 5145 

ii Si is g93 

a in 

51ft 
5085 
5055 
H45 


Financial 


9iK %lffi 'nT’ n KA7 , *'n3’ 9342 17,460 

™ rjigjj 

ES-tocs lfto Tnu*< sate <174 
Tty S OPOT Int 22,1*6 Off 519 


*1ft 1.106 
—003 i* *nc 
—Oft BA79 
-Oft <425 
-Oft UM 
-030 1671 
—037 l.lft 
-085 361 

-0.17 6* 




S'S OK«;«T-I73 100- 285 lOB-Jr 103-216- 835 2660* 

! Kf-09 99-15 Ntar 95100-11 100-16 ) 00-075 100-105— 03 183823 
100-08 99-06 Jun 95100-055 100-055 100-01 loom’ll m 
JMt *»-» S0P«»9-a 99-235 99^3 ff-S - 035 1 

Est. toes ff.SOO Thu's sate 91ft0 w * 

TlkJ'iepwint 710.710 off 2026 


♦ 0JB476U 
•DJB 95.173 
•044 54442 
+0JSaiJK 
tarn i2,**r 
+0JB 27451 
+040 Ull* 
+082X3*1. 
♦ojnnroi 
+UB 8.1ft. 
+ 002 5J» 
+0JB 1BJJ8 
+BJI2 

2 #B. 

♦ MB <399 

♦ 0J» 

+042 J 
+BJS ’ 

+aoi 

+0ft 


bV-:.- 

m 

\m 


’Mil-' 


)?7W- TOijS UgY fCBOTJ ilDUmun-iHSBMeiPpd 
Uf-21 2-9? D*e 9* 100-22 1 00-27 1 00-18 100-24- « Z3J14 

lets S"U l H tar *5100-00 100-06 99-24 100-01 — 01 23L519 

Wjg 97-27 tun 95 99-15 99-19 99-12 99-17 2440 

101-06 97-h Sep 95 «<*u “R 

110-31 9»-m Dec «S 22 

|N. sales 67,501 Thu’s. som 05630 “ 

TlWiOBOTrt 36<226 rtIKB 

lu2 E t?‘lS nf l < *P S (CBOT5 ™w>-V1004CO-ra<2»v»,a(Meto) 
I1M5 J1‘!J gec*4 99-le 100-06 99-2* 100-01 + 04 uno 

JIS - !? f* -13 “»««-!! 99-19 9945 99- 1* - ff 

H* *9r37 Jun 95 98-37 99-fl* 98-2* 99-01 * 0* lltM 

«* te-lO Sec 75 lb-77 9*48 96-23 98-23 + 04 883 

2^2 ’ 8 - 14 ’ 8 - 1 ’ W-” W-19 + 05 263 

!il"SS 2"i 3 Mar 96 9g.1I * 06 to 

W4S ’ 85 73 

W-I4 +J-05 Sail 9s 97.99 * 04 18 

Ete.sate 110600 ihu-Ltoet nun 
Thu (accn kit 401679 off 12665 
MUNMPALBONaf|cTOT) TSta tetalMe teto 
mIm r2”« M-n M-16 84-21 - 10 <254 1 

84-14 84-00 Si-09 - 06 27688 ! 
GO. toes 3.008 Thu’S toes 7653 I 

gwtngW'rt 31942 offMO 

(CMERJ simuen^heneBto 

2S-nSR K !5 ^7® KU79 91610 2BW6i 
S’ 8 * W»8 91800 — 30C5617 

9**3 51“ 91310 * l, » 97-'70 -603556*2 

Jj-” J JI2S2.S S-«“ ”-«» 91 JM 91870 —90277.129 

9I.180Dk: 95 91 770 91.810 91J60 91.710 -70195600 


K35 a35 sS.« M 

IS 5lftOd95 

gft saasNovos 

SJ75 9170 Dec 95 

51 J9 SXQQAua M 

iJJFn Bill IVLMb 22J0S 

TWsopenim *<5io off a* 


+0.019,1*6 
-aft iaw 

—JI M 8691 

-aft 9,95 

—<29 i372 
-0.19 IW 

-atsr sa 
—024 ■ an 

-419 W 

-M9 S 
—084 . 929 




—075 7J49 
—073 1 ftl 
-0ft S3* 
— 0.18 517 
-060 229 

— 087 II 
— ttlO 4 


PorMMHMB 1*45 1*35 

Rodin Hds pc 61C5 W7S 

iot rg R epublic 103 101 

SondotB 490 689 

ScWImJgjB 7150 75W 

Suiter PC 857 Ml 

Sunnrt lkmgiB 17W 1790 

Swim Bnk Corp B 343 363 

Swiss Rekraw R 787 m 

SwtMOlr R 790 000 

UBS B 10BS 1091 

Winterthur B *47 *42 

Zurich Ass B 1272 1775 

SBC fantax: 91860 
. Previan : 9 iua 


NgOnKOTdku 916 93* 


M8B8BOH . 

Nippon Steel 
Nippon Yinen 
Nissan 
Nomura Sm 

Olympus Optical ion 1090 

FtetoW 24X 7440 

RlCOil »39 ?37 

Sanyo Elec 564 573 

Sharp I7O0 1710 


COFFEE C PKSE] ntelB bt- ram eerw. 

77.IODecW 152ft 159.00 Sft JMft 

78.90 MOT «5 15360 16160 15170 lgft 

12ft May 95 1SU5 161 JO MJO 10.90 

S5X0MK 156J5 1M.J5 »60 

23880 1 51. 80 Sep 93 157ft 162ft 154ft lftJ5 

2*280 II JW Dec 95 15775 162.15 Jftft Jgft 

203ft 151 75 Mw 96 154ft 154ft 154ft ffft 

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** 


INTERNATIONAL HERALD TRIBUNE, SATURDAYS UNO AY, DECEMBER 17-18, 1994 


Page 11 


* 


I aris Club Agrees 
To Softer Terms 

For Poorest Nations 


EUROPE 


Reuters 

izM A ^ ~' The 18 industrial- 
countries of the 
™s Club agreed Friday to of- 
jer more generous debt relief to 
tne poorest countries to help lift 
them out of poverty. 

Christian Noyer, the French 
Treaany head who presides at 
the club, said some countries 
would now be able to have 67 
pfflfcent of their debts written 
off, up from 50 percent. 


i*n Biddi 


'‘•NinRurffi 


s t 


Swiss Will Let 
Money Supply 
Exceed Target 

AFP-Extd New i 

ZURICH — The Swiss 
National Bank said Friday 
that money-supply growth 
in 1995 would exceed its 
medium-term target of 1 
percent annually. 

In its annual monetary 
policy statement, the Swiss 
central bank said it expect- 
ed demand for central bank 
money to grow by about 2 
percent from the fourth 
quarter of 1994. 

“The SNB plans to ex- 
pand its money supply to a 
similar extent," the bank 
said. 

It said the increased 
money supply would i air* 
into account the expected 
higher demand for money 
in 1995 because of the eco- 
nomic upswing and the im- 
position of a 6.5 percent 
value-added tax. 

But the bank said it 
would continue to pursue a 
“cautious monetary poli- 
cy" 

“The SNB win review its 
monetary policy if unex- 
pectedly strong inflation- 
ary trends should emerge 
following the introduction 
of VAT,” it said. 

It said H would also re- 
tain the option of deviating 
from its monetary course in 
the event of “serious dis- 
ruptions” in the finan cial 
markets. 


The total debt involved js 
about S28 billion spread among 

, ? anon ^ many in .Africa, but 
club officials emp hasized that 
^nly a small proportion was like- 
ly to be written off in the next 
few years. Better-off states may 
get only half their debt reduced, 
and only a few- are likely to get a 
f ul] package of debt forgiveness 
and rescheduling. 

Some may also get relief on 
all their debt, not just on those 
payments falling due in the next 
three years. This is a significant 
move for the club, which previ- 
ously granted such deals only to 
richer special cases like Poland 
and Egypt. 

Mr. Noyer said the new mea- 
sures, collectively known as 
Trinidad Terms after the 1990 
conference at which thev were 
fust proposed by Prime Minis- 
ter John Major of Britain, were 
“a new and important step in 
the strategy of debt treatment 
for the poorest and most in- 
debted countries.” 

“What we want is that all 
these countries can take off as 
soon as possible." he said, add- 
ing that the club wanted to end 
the dreary cycle of debt, pover- 
ty and default that has trapped 
large parts of Africa and some 
Latin American and Asian 
countries. 

All members of the club, 
which represents government 
creditors, agreed on the move, 
which is in line with a resolution 
passed by the Group of Seven 
leading economic powers at 
their last summit meeting in 
Naples in July. 

Qub sources have said some 
countries, notably France and 
Britain, which have spent years 
nagging at more reluctant part- 
ners like the United States, still 
want a few countries to be able 
to get as much as 80 percent of 
their debt mitten off. 

Critics say Paris and London 
are using the debt issue to sus- 
tain neo-colonial links with 
their former African empires. 

Trinidad Terms will give a 
poor country with a strong re- 
cord of meeting its commit- 
ments the chance to strike a 
once-and-for-all rescheduling 
of all erf its debts. 


The Fall of a Maverick Financier 


By John Tagliabue 

Sew York Serrief 

BARCELONA — People here were 
accustomed to seeing Javier de la Rosa, a 
maverick financier, met by investment 
bankers, Middle Eastern sheikhs, and 
government ministers as he stepped from 
nis Mercedes-Benz. But on Oct. 18, he 
stepped into the arms of the police, who 
arrested him on suspicion of stealing the 
assets of his company. 

The arrest shook the labyrinthine 
streets and grand boulevards of Barcelo- 
na. Mr. de la Rosa's rise was intertwined 
with that of this city of 1.7 million. 

After 1985, when Spain entered the 
European Community, Barcelona at- 
tracted billions of dollars in investments. 
In 1992, when the Olympic Games were 
staged here, fortunes were made. 

The political stock of Catalonia, or 
which Barcelona is the capital, bas also 
risen. As head of the regional govern- 
ment, a de la Rosa associate named Jordi 
Pujol made it possible for the Socialist 
prime minister of Spain, Felipe Gonza- 
lez, to stay in power at the head or a 
minority government in June 1993 by 
offering his regional party's support in 
exchange for favors for Catalonia. 

Mr. Pujol also supported Mr. de la 
Rosa and his company, Grand Tibidabo, 
a real estate development enterprise with 
many other interests. The company col- 
lapsed when the real estate bubble burst 
after the 1992 Olympics, and Mr. de la 
Rosa is accused of stripping it of S80 
million in assets. 


His supporters say he is the victim of 
political intrigues against Mr. Pujol, and 
through him, the prime minister. 

But even during the years when he 
appeared to be most successful, Mr. de la 
Rosa's record was not all sunshine. In 
1986, a Catalan bank that he bad steered 
into heady expansion with agriculture 
investments, Banco Garriga Nogues, col- 
lapsed under S300 million in bad loons. 

At the same time, Mr. de la Rosa was 
making contact with Kuwaiti investors, 
who eventually plowed &5 billion into 
real estate, chemical and food companies 
through a corporation of his called 
Grupo Torres. 

When Spain's boom turned to bust, as 
the recession of the early 1990s hit. 
Grupo T arras went into receivership. 
Mr. de la Rosa and dozens of other 
businessmen are under investigation into 
where the bulk of the $5 billion went. 

After the Kuwaiti venture failed, Mr. 
de la Rosa fostered a plan for Tibidabo 
to develop a theme park south of Barce- 
lona called Tibigardens, in partnership 
with the American beer company An- 
heuser-Busch Cos. 

Much fog surrounds what happened 
to the project, but in the end Mr. de la 
Rosa was forced from Tibidabo. and 
minority shareholders are suing to regain 
the vanished assets. The project is to be 
built by other companies. 

Jose Maria Mena, the investigating 
judge, who is plowing through 600 vol- 
umes of documents, denied there was a 
political vendetta. 


"In no case are we interested in perse- 
cuting any person,” he said 
But Alfredo Fralle, whose Agencia A 
public relations company has worked for 
Mr. de la Rosa for six years, contended 
that in the inflated world of real estate 
during the 1980s, many fortunes were 
owed to Mr. de la Rosa. 

“How many people bought shares in 
his companies, and when the prices went 
up, sold at huge profits?” he said. “And 
where are they now?" 

■ Former Banesto Aide Is Jailed 
A judge investigating the collapse of 
Banco Espahol de Credito SA, or B on- 
es io. last year has ordered its former 
deputy chairman held without bail on 
charges that include fraud and falsifying 
documents, Reuters reported Friday 
from Madrid. 

Arturo Romani, who had been the 
closest collaborator of the former chair- 
man, Mario Conde, is the first of 13 
former Bancsto officials facing criminal 
lawsuits filed Nov. 14, alleging fraud and 
other crimes, to have been held in prison. 

Mr. Romani, 52, was questional for a 
total of 20 hours on his role at Banesto 
by a high court judge, Manuel Garcia 
Castellon, who is expected to call Mr. 
Conde to testify in the next few days. 

The Bank of Spain fired Mr. Conde 
and his board at Banesto last December, 
following inspections that eventually de- 
lected a shortfall of 605 billion pesetas 
(5S.4 billion | made up of insufficient 
provisioning and portfolio losses. 


Investor's Europe 


Frankfurt 

DAX 


London 
FTSE 100 Index 



j a s o N D 
1894 


Exchange 

Index 

Friday 

Close 

Prev. 

Close 

% 

Change 

Amsterdam 

AEX 


407.69 

+0.17 

Brussels 

Stock Index 

7,20537 

7.208.88 

-0.01 

Frankfurt 

DAX 

2,070.08 

2,052.59 

+0.85 

Frankfurt 

FAZ 

774.16 

768.88 

+0.69 

Helsinki 

HEX 

1,806.75 

1,818.58 

-0.65 

London 

Financial Times 30 

2^15.10 

2^91-40 

+1.03 

London 

FTSE 100 

3,013.60 

2.973.40 

+1.35 

Madrid 

General Index 

297.78 

297.43 

<H).11 

Mfian 

M1BTEL 

9,682.00 

9,52a00 

+1.70 

Paris 

CAC40 

1*924.16 

1.931.10 

-0.36 

Stockholm 

Affaersvaariden 

1,84551 

1,846.13 

-0.14 

Vienna 

ATX index 

1J127^3 

1.027.53 

-0.03 

Zurich 

sss 

918.40 

916.80 

+0.17 

Sources : Reuters. AFP 


Ink-TzuiHKuI Hi-raJd Tnhonc 

Very briefly: 


Queen’s Moat Finally Has a Plan 


Complied by Our Sufi From Dispatches 

LONDON — Afrer more 
than 20 months of negotiation. 
Queen's Moat Houses PLC 
reached agreement with its 
creditors Friday on a restruc- 
turing plan. 

The company said it would 
swap £200 million (S3 12 mil- 
lion) in debt for equity as pan 
of the plan to organize its £1.3 
billion of debt. About £43 mil- 
lion of interest will be waived. 

Queen's Moat said existing 
common and preference share- 
holders would retain 40 percent 
of the enlarged equity base. 

Common shares will be con- 
solidated on a l-for-10 basis. 

“The negotiations required to 
reach the present proposals 
were inevitably protracted due 
to the appalling financial posi- 
tion of the group and the com- 

g lexity of the debt structure.” 
tanley Metcalfe, the compa- 
ny's chairman, said. 


Barclays Bank PLC, one of 
the main creditors and joint co- 
ordinator in the rescue bid with 
National Westminster Bank 
PLC, said it believed the pro- 

Jump in Profit Prompts 
UJL Utility Dividend 

Reuters 

LONDON — The regional 
power company Yorkshire 
Electricity PLC said Friday 
that it would pay shareholders a 
special dividend of 90 pence 
(SI. 40) and consolidate its 
shares as first-half profit leaped 
32 percent. 

Pretax profit in the first six 
months surged to £97.6 million 
from £74.0 million a year earli- 
er, and the company, which 
said it would consolidate every 
25 existing shares into 22 new 
ordinary shares, said it would 
pay 9 pence per consolidated 
share. 


posed restructuring was in the 
interests of all parties. 

The company’s existing de- 
bentures will re main outstand- 
ing on their original terms, ex- 
cept that security covenants 
that have been breached now 
will be waived. 

Detailed terms of the restruc- 
turing wiD be sent to sharehold- 
ers and debenture holders for 
approval as soon as possible, 
the company said. 

In September, the company 
posted a pretax loss of £59 mil- 
lion for in the six months to 
July 3. 

Last year. Queen’s Moat an- 
nounced a 1992 loss of more 
ihan £1 billion after Jones Long 
Wooton, the company hired to 
re-app raise the value of Queen’s 
Moat’s hotels, said they were 
worth just £861 million, instead 
of £2 billion. 

The company’s shares have 
been suspended since March 


SCA to Cut Jobs 
At Diaper Unit 

A FP- Exiel News 

STOCKHOLM — The for- 
estry concern Svenska Cellulosa 
AB said Friday that costs at its 
Moelnlycke unit would be re- 
duced by 700 million kronor 
(S92 million) in 1995 and that 
measures would include 1,300 
job cuts. 

The moves are part of a pro- 
gram to strengthen Moeln- 
lycke’s competitive position on 
the European market, it said. 

SCA will take one-time 
charges of 13 billion kronor in 
1994. The rationalization pro- 
gram is expected to result in 
costs of 600 million kronor for 
decrease in personnel at the dia- 
per unit Machinery and other 
equipment that will be phased 
out or replaced is to be written 
down by 700 million kronor. 


• Lloyd’s of London will have capacity to write premium income of 
nearly £10 billion (S15.6 billion) in 1995, down from £10.9 billion 
this year. 

• Tare & Lyle PLC a British sugar producer, said it would buy a 
49 percent stake in Mexico's Saenz Group for S56 milli on cash. 

• Deutsche Airbus GmbH plans to cut 3,000 jobs from its work 
force of 16,500 by the end of 1997 through voluntary layoffs, early 
retirement and attrition. 

• DAG, the German white-collar workers' union, will demand a 6- 
percetu pay increase for Western Germany's 450,000 bank em- 
ployees m 1995. 

■ Thyssen AG plans to regroup its telecommunications activities 
in a single unit to be called Thyssen Telecom AG. 

■ Sweden's gross domestic product rose a preliminary 0.6 percent 
in the third quarter from a year earlier, the Central Bureau of 
Statistics reported. 

• Total SA, the French oil company, is more than quadruplin g 
employee share ownership through a two-stage capital increase 
for employees, comprising a manmniw total of 5 million shares. 

• Qub M&fitenante SA, the French travel and vacation-resort 
operator, said fourth-quarter sales rose 625 percent, to 2.38 
billion French francs ($440 million}. 

• Nesd£ SA has readied a definitive agreement with Quaker Oats 
Co. to acquire Quaker Oats’ confectionery business. La Azteca 
Group, in Mexico. 

• DHL, the freight-shipping giant, has become the first private 
company to take a stake in the multinational airline Air Afrique, 
jointly owned by 1 1 French-speaking African countries. 

• Kazakhstan will allow enterprises to set their own oil prices to 

ensure steady supplies and competition in the energy sector; some 
government control is expected to remain to prevent "anti- 
competitive” practices. Bloomberg, Reuters. Knight-Ridder. A FX 


31. 


(Bloomberg AFX) 


NYSE 

Friday’s Closing 

Tables Include the nationwide prices up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. VieThe Associated Press 



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Controlled on Page 12 


Czech Minister Gears 
Acquisition of Skoda 

Reuters 

PRAGUE — The Czech in- 
dustry and trade minister, Vla- 
dimir Dlouhy, said conditions 
for signing a deal with Volks- 
wagen AG, giving it control of 
Skoda Auto AS, had been ful- 
filled. VW is to raise its stake to 
70 percent by 1996 from the 
current 31 percent with a $225 
million cash injection. 

The government would meet 
Monday to discuss the agree- 
ment, tie said. The government 
had been widely expected to 
give the final go-ahead to the 
politically sensitive deal at 
Wednesday’s cabinet session, 
but held back over the wording 
of a paragraph on ecological 
effects. 


ADVERTISEMENT 


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Hie undersigned announces lhal 
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KAS ASSOCIATIE N.V. 

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TENDER NOTICE 


ETHIOPIAN CIV IL AVIATION AUTHORITY 

ADDIS ABABA AIRPORT PROJECT AIRSIDE WORKS PHASF I 

PREQUALIFICATIOIV OF CONTRACTORS 


1. 1 fix* Trassftkraal Goimunmi of Ethiopia bas appfed far a loan Ann ttovVricrm Dnelopraoil Fund In \arinos run-rones 
imartte the ensi d Mite \baha Airport Project Mrstoe Worts Ptcse 1 and life intended Dial pan of Use prormls of 
lilts loan «m br applied to elldbir pajneDls under the rontrart for *tkt this bnliaUon In pmjuallly Is Issued. 

1 .2 The CIVIL AllATWN AITHOWTY Blends la preoualifr contractors for the Winning works: 

The prefect is healed at .Addis Ababa Airport 5 Htontrkrs south of Ibe city of Addis Ababa. The project principally 
comprises cnil raglnrnliig nnrks inrindlDg major earthworks and airport pavement wort In partfcular bituminous 
arfirM pairmroLs. The nort irfll be undertaken ntWIe the airport continues to be operatiooal- 
Tbe ttork roraprevs the Mkrning principal elements. 

■ Nra bituminous runny 3JW0 meters hug with three an- tad links designed to ACN IDO strength. 

■ StrenglftMiBgtrf an existing Tad Track. 

• NeurflHTrieainTaflpaihigaprnGorACN 100 strength. 

- Airfield lighting and essential Aav-Com uorks. 

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1 .3 Prrqoal inration is open to contractors and joint wnlures or contractors from member countries of the African 
tarfopoeal Bank and (he African Development Fond. 

I A Interested etysNe contractors may obtain further is format ion and inspect the p-equaflflraUaB documents at the office of 
7brtiwraf .Manager. 

CM Aifathn Authorin'. P.fl Bra 978. 

Artfc Abate IntmaiM .Airport. Adffis Ababa. Ethiopia 
Tel. \o. 01-61(1277 - Fax So. 251-1-612533 - 7h. Air. 21162 

1.5 A compJftr set of prequaffflcaiion donnenis may he purchased by any inierested rflgiMe applicant on the submission of 
a Triiim application to the abmc address and npcm jwpmna oJ a 

Requests snbmlltrd by mart should brink- a certified cheque hi the amoral and currency futficaled above tn few of 

fingaPlaiagL (MaminiM. 

in this case the Chfl Altai ton tnihoriiy will promptly despatch the documents by registered airmail, hut under no 
rtrniiBsiaires ran H be held responsible for late delivery or loss of the docuaints so mailed lo tbe applicant. 

1.6 The rrrqualdkraikm dorumrols arust be tfady cmnpteted mid rrtunml to 
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(.Till lilai/on AnttariJV. P.0. Jta 974 

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INTERNATIONAL HERALD TRIBUNE, SATLRDAY-SLNDAY, DECEMBER 17-18, 1994 



Page 13 


.Rate of Inflation 
Decreases in China 


ASIA/PACIFIC 


BEMNG- China’s^, 
widcinflanon rate was 27 s „„ 
®°“ “ November, still hi^h but 
do™ shshdy for the firsTum 
m 18 months, according to fig 

arcs released Friday. 8 

. The November rate increase 

in consumer prices, which com- 
pares with November 1993 was 
lower than the 27.7 annualized 

rate m October, the State Staiis- 


tics Bureau reported, 
rt Friday v 




Die report Friday was the sec- 
ond this week to indicate easing 
mflation. On Tuesday, the State 
Statistics Bureau reported that 

^ 35 ^ dl . 
as rose 24.9 percent in Novem- 
ber year-tc>year, down from 27 


percent in October. 


Anajjfste offered mixed re- 


-i'-lA 


. < 7, iiuAcu re- 

viewsrrf the new figures, howev- 
er. They warned that Beijing 
would have to make tough set 
aal decisions, such as lettine 
unprofitable state enterprises 
go bankrupt, if China’s infla- 
tion rate was to continue to fall. 

“ Di i n a s still showing ex- 
tremely fast consumer price 
growth which is not surprising 
** given the growth of the econo^ 


rov." said Jim Walker chief 
economist w,,h CreU.t Lw!n- 
nais in Hong Kong. 

China’ > economy is expected 
to grow 1 1 percent to !2 f^rccni 
year, down from the n 4 
percent recorded in 1993. but 
higher than the government’s 
orecast of y percent. In March. 
“C'Jing also predicted an in na- 
tion rate of under 10 percent for 
the year. 

“We're entering a period of 
monetary tightening, with a 
mini-crunch coming m the first 
a ™ second quarters of next 
year, said Ray Farris, senior 
economist with Croshv Securi- 
ties. “Thai should reallv result 
in a slowing of consumer buy- 
mg which should see the core 
inflation rate falling.” 

Higher foods prices continue 
to propel inflation. Grain prices 
m November were up 61.9 per- 
cent compared with November 
1993, up from the 61 percent 
rate recorded for October vear- 
to-year, the bureau said. Meat, 
poultry and egg prices jumped 
199 T fr° m November 

(AP, Bloomberg) 




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Ito-Yokado 
links Up 
With Metro 


Cempiledby Our Sutff Farm bupaeha 


TOKYO — Ito-Yokado 
Co., which controls 7-Elev- 
en convenience stores, said 
Friday that it had linked 
whh the Swiss-based Metro 
International AG in a deal 
tbat would help it obtain 
low-priced European goods 
for sale in Japan. 

In exchange, Ito-Yokado 
wil] give Metro its know- 
how on product manage- 
ment and distribution, a 
spokesman for Ito-Yokado 
said. 


The two groups also are 
considering developing 
products together, he said 


- Ito-Yokado heads a re- 
tail group that owns 70 per- 
cent of Southland Carp, of 
wallas, which runs 7-Elev- 
en stores. Ito-Yokado and 
its 7-Eleven Japan subsid- 
iary bought a controlling 
interest' in Southland in 
1991, a year after the U.S. 
company filed lor bank- 
ruptcy-law protection. 

Metro, based in the city 
of Baar, has a majority in- 
terest in the German retail- 
er Asko Deutsche Kauf- 
haus AG. Asko operates 
supermarkets, warehouse 
stores selling discount 
and stores selling 


tome-improvement sup- 


plies, furniture and clot 
in ° (AFX, Bloomberg) 


Beijing Sells Land Rights 


The Inniuifjftm 

BF.IJING — Beijing, a city 
of sky-high office prices and 
round-the : dock construc- 
tion. held its fir.si real estate 
auction Friday with one item 
on the block — a college on a 
quiet street. 

Bui city officials called the 
sale a success and a symbol of 
changes in land use’ that arc 
reshaping the city. 

The winner among five 
bidders, all from Beijing, was 
Wang Fusheng, of Fuhua 
Construction & Development 
Co., a China-ThaiJand joint 
venture, who paid 130 million 
yuan ($15 million) for a 50- 
year lease on the former Eco- 
nomic Management College 
in central Beijing. 

Land in China belongs to 
the government. It can be 
bought and sold on recently 
introduced 50-year commer- 
cial and 70-vear residential 
leases. 

The real estate lease mar- 
ket is booming, with office 
towers and shopping com- 
plexes replacing quiet alleys 
and old shops. 

Also changing is the way 
property rights arc sold. Auc- 
tions will gradually replace 


private negotiations, accord* 
mg to officials. The first land- 
use auction in China was held 
in November in the southern 
city of Nanning. 

Beijing’s first auction was 
approved by the city’s Real 
Estate Exchange, an agency 
that supervises transfer of 


Long-term 


leases are the 
prize In a 
booming market 


land use rights from the gov- 


ernment to private parties. 
Fuhua Construction is al- 


lowed to tear the college’s five 
buildings down and start over 
on the 9,500 square-meter 
(102,000 square-fool) plot. 
Company officials said they 
planned' to build a dub, 
which could involve restau- 
rants, entertainment facilities 
and offices. They would not 
disclose specific plans. 

The college, constructed 
between 1955 and 1987, is on 
Xizhao Temple Street, a two- 


rainute drive from the Second 
Ring Road, a Beijing high- 
way. Despite its prime loca- 
tion. some of the flavor of the 
old city survives. 

The auctioneer, Dominic 
K.H. Leung of Richard Ellis 
in Hong Kong, said the price 
was about 20 percent higher 
than be expected, and that 
more auctions would proba- 
bly follow soon. 

Demand for office space 
and Western-style apart- 
ments far exceeds supply, and 
so prices have shot up — by 
27 percent in the first half of 
the year, the official press re- 
ported- Beijing’s office rents 
are the third-highest in Asia, 
after Tokyo and Hong Kong, 
and higher than Paris, New 
York and Berlin. 

Rents in the best new office 
towers doubled from S3S a 
square meter three years ago 
to about S70 now, 'said Ro- 
berta White, who works in 
Beijing for the Hong Kong- 
based property group L & D 
Ltd. 

Western-style apartments 
average $45 to $55 a square 
meter, or around $9,000 a 
month for a modest two-bed- 
room, she said. 


Broken Hill 
Says Profit 


Is a Record 


Taiwan Stays Put on Foreign Investment 


Bloomberg Buuneas .V*nj 

TAIPEI — A high-profile public hear- 
ing on Friday over the role of overseas 
money at the Taiwan Stock Exchange 
failed to wring concessions from the cen- 
tral bank, which analysts say is the main 
opponent of liberalization. 

“You can say this is a setback,” said 
John Nelson, research manager of Jar dine 
Fleming Taiwan Securities Ltd. 

Many securities industry executives bad 
hoped that the central bank would accept a 
call by the Securities and Exchange Com- 
mission to raise a current $7.5 billion ceil- 
ing on direct foreign investment in the 
country’s stock market. 

“It’s out of my hands. I’m sorry about 
this,” said Linin Day. chai rman * of the 
Securities and Exchange Commission. “It 
will be decided by the central bank.” 

Taiwan’s main stock index fell 11.14 
points, to 6,811.99, because of the meet- 
ing’s failure, analysts said. 


“Prices opened higher on expectations 
that something would come out of the 
meeting and fell off when it became clear 
nothing would happen,” said Richard Wu, 
manager of the N1TC Fund. 

About 150 people attended the hearing, 
the first ever that assembled the Securities 
and Exchange Commission, the central 
bank and teams of academics to discuss 
foreign stock investment. 

Participants generally endorsed the cur- 
rent government position favoring gradual 
opening of the stock market. 

About $63 billion of foreign institution- 
al investment in Taiwan’s stock market has 
been approved under a program begun in 
1991. About $3 billion of applications are 
waiting approval. Securities and Exchange 
Commission officials said. 

Undercurrent rules, foreign institutions 
must obtain permission from both the 
commission and the central bank before 
they can bring in funds. 


The central bank's reservations about 
major change were spelled out in a report 
by Paul Lei, a senior bank economist. He 
expressed concern about possible instabil- 
ity in equity and foreign-exchange mar- 
kets, damage to the competitiveness of 
exporters, and inflation. 

As part of the opening of the stock 
market to foreign funds, Lbe bank wants 
improvement in Taiwan’s securities- trad- 
ing settlement system and quicker sell-off 
of government shares in state- run compa- 
nies, Mr. Lei said. 


Compiled bf Oar Staff From Dapatcka 

MELBOURNE — Broken 
Hill Proprietary Co. said Friday 
that its profit for the first half of 
the financial year was the high- 
est ever. 

Sales of assets, higher copper 
sales and a surge in iron ore 
shipments helped the compa- 
ny’s bottom line. 

The company said profit in- 
cluding a one-time gain in the six 
months ended Nov. 30 rose 67 
percent, to 1.07 billion Austra- 
lian dollars ($832 million), from 
640 million dollars a year ago. 

Broken Hill posted a one- 
time net gain of 234 million 
dollars from the sale of its 10 
percent stake in Woodside Pe- 
troleum Ltd. 

Broken Hill is Australia’s 
largest company, with interests 
in steel, minerals, petroleum, 
shipping and insurance. The 
company also holds about 34 
percent of Fosters Brewing 
Group Ltd. 

“It is fair to say that we ex- 
pect a good result for the year.” 
said John Prescott, the compa- 
ny’s managing director. “As- 
suming we continue to achieve 
high production levels and 
some better prices, the outlook 
is favorable.” 

The company’s stock rose 14 
to 19.14 dollars. 


Investor’s Asia 


Hong Kong 

Singapore 

Tokyo 

Hang Seng 

Straits Times 

Nikkei 225 

i m 

m tvt — 

sm — — 


2300 : -jW 



aoo^J II 


m — V 

2109 1- 

m — ■ — V 

ASOHO 

2)00 rA SO lTD 

1880 J A SOHO 

1884 

1994 

1994 


Exchange 

Hong Kong 

index 

Hang Seng 

Friday 

Close 

8,166.39 

Prev. 

Close 

&259^6 

% 

Change 

-1.13 

Singapore 

Straits Times 

2.169.72 

2,1 BO ^3 

-0.48 

Sydney 

Afl Ordinaries 

IfiffTJIO 

1,895.00 

+0.11 

Tokyo 

Nikkei 225 

19.163A3 

19,121.12 

+0.22 

Kuata Lumpur Composite 

948.40 

950.77 

-0.46 

Bangkok 

SET 

1^336.47 

1,310.00 

+2.02 

Seoul 

Composite Stock 

1,038.75 

1,027.99 

+0.85 

Taipei 

Weighted Price 

6^11.99 

6,823.13 

■0.16 

Manfla 

PSE 

2,708.99 

2,679^5 

+■1.09 

Jakarta 

Stock Index 

458.78 

458.93 

-0.03 

New Zealand 

NZSE-40 

1^0488 

1 .90622 

+0.98 

Bombay 

National Index 

1.8S2L99 

1.844.18 

+1.02 


Sources: Reuters. AFP 


InicnuikHul Herald Tribune 


Very briefly: 


• Formosa Plastics Group said a h ankin g consortium led by 
Standard Chartered PLC and Banqoe Paribas would proride it 
with a $235 billion loan to finance production expansions. 


AT&T Coqx said it had laid off 600 production workers from its 
slephone manufacturing plant in Singapore; that amounts to 23 
ercenl of its total work force in the country. 

• Indonesian, Malaysian and Thai business executives signed 20 


cents, 

“It was better than most peo- 
ple’s best expectations,” said 
John Bowie Wilson, equities di- 
rector at Hambros Equities Ltd. 

(Bloomberg, AFP) 


economic pacts worth S 1 .3 billion to increase growth in a triangle 
encompassing border regions of the three countries. 


• Malaysian consumer prices rose 3.6 percent in November from a 
year earlier, compared to a 3.1 percent rise in October. 


• News Corpw is likely to take a strategic holding in Wilson & 
Horton LhL, a New Zealand newspaper publisher. The National 
Business Review magazine said. afp. afx. Bloomberg, Reuters 


The failure of the meeting to achieve a 
consensus in favor of lifting the c eiling 
makes it unlikely the limit will be lifted 
soon, analysts said. 

The meeting was also a serious setback 
for Linin Day, bead of the Securities and 
Exchange Commission. His choice of a 
public venue to try to pressure the power- 
ful central bank ruffled feathers. 


Japan Ranks First in Per Capita GDP 


Rtuten 


TOKYO — - Japan had the world’s highest 
value of output per capita for the first time in 
1993. knocking Switzerland out of the top 
Spot, a government agency said Friday. 

Gross domestic product rose to $33,764 per 
person from $29,478 the previous year, the 
Economic Planning Agency said. The per-capi- 
ta gross domestic product was the highest 


among the 25 members of the Organization for 
Economic Cooperation and Development. 

The yen’s strength boosted the value of 
dollar-based per capita GDP in 1993. Swit- 
zerland was second with $33,746. 

Japan’s GDP, or total output of goods and 
services minus net income from overseas pro- 
duction, rose to $421 trillion in 1993 from 
$3.66 trillion in 1992. 


CHINA: Industrial Reform Shifts Into Low Gear as the Government Proceeds With Caution 


Coetinued hum Page 9 
tion left 800 people without 
jobs, and workers continued to 


putpressure on city officials^ 
Finally, the 


governor of Si- 
chuan Province, Xiao Yang, 
summoned the city’s top Com- 
munist Party cadres. He told 
them their city looked dirty, 
and they had better go out and 
hire some street sweepers — 800 
to be exact. When the workers 
balked at taking those jobs. Mr. 
Xiao led the party bosses into 
the streets for a day of sweeping 
and bonding with the masses. 

“1 don’t think I've got the 
time or the energy to do this 
each time,” he said in an inter- 
view. 

The feared riot was avoided. 


but that was the last big bank- 
ruptcy in Sichuan Province. 
Now. the knitting mill is report- 
ed to have no work, and its 
managers recently refused a re- 
quest to visit. 

This year, Mr. Xiao tried a 
different approach. In April, he 
mounted a drive to sell off 33 
state enterprises to foreign in- 
vestors. This time, however, be- 
fore he bad a chance to con- 
front angry workers, the plan 
was baited by the authorities in 
Beijing. 

State-owned enterprises are a 
far more dominant factor in the 
economies of inland provinces 
like Sichuan and Hubei than 
they are in coastal provinces 
like Guangdong and Fujian. 


where private enterprise has 
proliferated in recent years. 

The unemployment rale in 
this most populous province is 
25 percent higher than the na- 
tional average, and wages are 15 
percent lower. (China’s of final 
jobless rate is 2.6 percent, but 
that is considered a drastic un- 
derestimate.) Compared with 
booming Guangdong Province, 
Sichuan is enjoying far less of 
China’s economic feast, with 
$850 milli on in pledged foreign 
investment last year compared 
with Guangdong’s $9.65 bil- 
lion. 

“We really are in a difficult 
situation,” the governor said. 

If Sichuan cannot shed the 
burden of its money-losing 


state enterprises, Mr. Xiao may 
not be able to sweep enough 
streets to keep the restive popu- 
lation content. 

' Mr. Deng once said there was 
no map for reform; it was like 
“crossing the river by feeling the 
stones.” And China’s Commu- 
nist leaders have long considered 
their cautious approach to mar- 
ket-style reforms to be a virtue, 
and a contrast to the “shock 


three to four times larger than 
the stated deficit. 


therapy” practiced by some of 
Russia’s economic reformers. 


But the consequences of de- 
ferral are serious, many econo- 
mists say. A new World Bank 
study says Beijing’s continued 
central-bank lending to unprof- 
itable state industries is creating 
a hidden budget deficit that is 


“In terms of China’s underly- 
ing structural problem, things 
are getting worse, not better,” 
said Mr. Lardy. “And the mag- 
nitude of the problem they are 
defemng action on is growing 
significantly.” 

Of several hundred thousand 
state-owned and other enter- 
prises, no more than 1,500 have 
applied for bankruptcy since 
China passed its first bankrupt- 
cy law in 1988. 


If reform goes ahead, “nearly 
all restructured state enter- 
will have to shed labor in 
quantities,” one World 
Bank analysis says. 


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Sk\ YBSU. TO a PAK1NFSSHIP. 
MATCHING TTf. RXafT PARTMRS IS 
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TeL: +49- 171 -2455252 
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PLEASECALL: 00 +49- 171-24535208+49-59.43 1979 


5 : 


s> 


\ 


/■ 



Page 14 


INTERNATIONAL HEKAU TRIBUNE, SATURDAY-SUNDAY, DECEMBER 17-18, 1994 


NASDAQ 

Friday’s 4 p.m* _ , rtnn 

This W Compaq by tt» ap. ax^ta o* .aw 
/nosl haded securities in terms of dollar value, it a 
updated twice a year- 


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Friday's dosing 

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u 

Wan Law Stock 


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l> 


hr st column = [Sometimes Only Santa’s Helpers Can Know What’s Best 


Don’t Belittle 
Money Gift as 
Materialism 

T HE Christmas holiday season is 
prime time for hollow sermoniz- 
ing. The standard formula runs 
along these lines: What does this 
Christian festival really mean in today's 
cruel world of war, starvation and suffer- 
ing? Shouldn’t those who are materially 
“comfortable” feel guilty about the hid- 
eous excesses of it all? 

Fortunately, the spiritual meaning of 
chanty, the ontological significance of the 
ethic of redemption, and the re-evaluation 
•of Judeo-Chrisrian society is handsomely 
.beyond the scope of this column. But 
■there is one point that cannot be ceded to 


are just trying to drum up as much busi- 
ness as possible this time of year). This is 
the all-ioo-coniinoa confusion between 
materialism and money. 

■ The point is this: Even if materialism is 
bad in principle, money is not material- 
ism. So there is no need to feel that giving 
a financial gift is in some way shallow, 
wrong, or somehow not a “real” gift. 

A gift of money can be thoughtful for 
the long term, and positively educational 
for the recipient. This is only so if the gift 
is more sophisticated than handing out a 
few greasy banknotes. To be a true gift, 
the financial donation needs to be somc- 
" thing with a little more implicit thought- 
fulness than cash — a mutual fund, a 
share, a warrant. Just about anything, in 
fact, that cannot be instantly converted to 
candy. 

If you buy for a young relative you are 
planning for the future and perhaps help- 
ing to raise the child's financial awareness. 
If you buy for an adult you have the 
opportunity to do a little kibitzing that 
will for once be welcomed. Here is one 
answer to the perennial question of what 
to buy for the man who has everything, 
and that’s not a Russian Imperial bond; an 
Indonesian hydroelectric stock, that’s 
t';hat. 


B> Rupert Bruce 

Y OU NO l 'nomas Spiers probably 
won’t appreciate ail of his 
Christmas presents. For, while 
there will be plenty of gaudily 
wrapped toys from his mother's family 
under the tree on Christmas morning, ah 
he will have from his lather's will oe noti- 
fication of an investment in the Fidelity 
Funds Emerging Markets Fund. 

Maybe, however he will be grateful 
when he is a UiUe older His paternal 
relations have clubbed together to invest 
between $150 and $450 in the fund for 
him each birthday and Christmas since 
18-month-old T humus was bom. Thai 
does not amount to much yet, but they 
plan to continue until he is old enough to 
spend the money. They hope he will put it 
towards something worthwhile, like uni- 
versity fees. 

Judy Delaforce, his aunt, is a media 
relations executive at Fidelity Invest- 
ments* European headquarters in Hilden- 
bo rough, a small town in the English 
county of Kent, so she is well versed in the 
benefits of regular saving. 

“Some people give newborn babies pre- 
sents, but we give him money for his 
future,” said Mrs. Delaforce Experience 
acquired in her job led to this choice of 
gifL She has chosen the emerging markets 
fund in particular because she believes 
funds investing in such markets will out- 
perform those that buy shares m devel- 
oped markets over the next 20 years or so. 
And she has decided on a regular and 
disciplined approach to saving because 
this makes use of a shrewd investment 
technique called dollar-cost averaging. 

The main advantage of this is it removes 
any chance that investors are buying into 
the market at its peak. Statistics show that 
small investors have a tendency to do just 


Financial Gifts 


Page 17 

Avoiding lax Uaps 
Penny share pun tine 
The kids' portfolio 
Offshore trusts’ attractions 


Dollar-Cost Averaging Illustrated 

; Smoothing out the Market’s Ups and Downs 


Aver.-tge Cos: 
Sh-ires 


Fluctuating Marks*. 


i t^s 



Jan. Feb. Mar. Apr. May Jun. Jid. Aug. Sept Oct. 



Source: UerrU Lynch 

that •- they buy at the top, and inevitably 
suffer when the maket falls. By investing 
on a regular basis the peaks and troughs of 
choppy financi al markets are smoothed 
out 

“If you do not want to save on a month- 
ly basis, timing is key to your investment 
return, and who amongst us has a crystal 
bail,” said Mrs. Delaforce. 

But dollar-cost averaging does more 
than merely smooth out the peaks and 
troughs. Gregg Durett, a vice president in 
mutual fund marketing at U.S. brokerage 
company Merrill Lynch, Pierce, Fenner & 
Smith in New York, contends that be- 
cause you get more shares for your dollars 
when the price is low than whm the price 
is high, the average dollar cost of your 
shares will be less than the average market 


Nov. Dec. 


Imcnntioad UeaUTnbwK 


Slip a Derivative or Two Under the Tree 


By Digby Lamer 

A T FIRST right the idea of using 
volatile and complex financial 
products tike derivatives to give 
money to friends and loved ones 
may seem reckless. Although investments 
of this type often offer the chance of high 
returns for relatively little outlay they can 
also sink without trace with alarming 
speed should stock markets fall. Certainly 
not a suitable choice for widows and or- 
phans — or residents of Orange County, 
California. 

But there is more to derivatives than 
meets the eye. Apart from adding spice to 
investments they can, in some circum- 
stances, also be used to protect them. 

Options, in particular, are used by a 
growing number of investors to help deliv- 
er stock market gains while limiting the 
.downside risk. 

An option gives investors the right to 
buy or sell a share, commodity or other 
entity, for a set price at some date in the 
future. It costs only a fraction of the value 
erf the share itself and can be a cheap way 
of profiting from falling or rising markets. 

U the market falls, those holding op- 
tions to sell at today's higher prices are tnc 
■winners. In a rising market options to buy 
shares at today's lower prices are the ones 
showing a profit. The only downside risk 
.is the cost of the option should the market 
not perform in the way the investor ex- 
pected — something that can he account- 
ed for from the start. 

- The obvious warning is that using op- 
tions successfully depends on how good 
the investor is at second-guessing the mar- 
ket; a skill often sadly lacking even among 
professional fund managers. 


Banqu* Corial Unveils 
France Rendement Fund 

Banque Cortal. the Pambas-owncd 
mail-order bank that rutu. a successful 
interest-bearing checking account, is 
launching a bond fund. The S1CAV 
France Rendement will commit money to 
a variety of government bills and French 
-debt 

For more information, write Banque 
Coital, 131 Avenue Charles dc Gaulle. 
92571. Neuilly-sur-Seine, France; or call 
Paris (33 1 ) 47 38 93 00. fax (33 1 > 47 45 14 
79. 


Guinn*** Mahon Guernsey 
Set* a Currency Facility 

Guinness Mahon Guernsey is uttering 
users of its 25-currency offshore bank ac- 
icounl a currency borrowing facility. This 
its, according to the bank, a consumer-led 
move. 

“During the recent bout o! aulldj weak 
nwat, we had an increasing number ot 
requests to borrow sterling against dollar 
ba lances from customers who need*.** ' .ter- 
linjg cash but were reluctant v «on»ir: 
their dollars." said the bunk's managing 
director. Carol Goodwin. 


In combination with safer, more pre- 
dictable products tike interest-bearing de- 
posits or zero coupon bonds, however, 
options can help package a gift which both 
protects capital and benefits from future 
stock market gains. 

Tony Thomson, chief investment offi- 
cer with the fund manager Foreign Sc 
Colonial in London, says this makes them 
an ideal way of giving money: “The nicest 
way to use these things is to spend, say, 90 
percent of the money on zero coupon 
bonds and use the rest to buy an index 
option; effectively using the interest on 
the investment to buy a call on the market 
That way, instead of the person having an 
investment that will jump all over the 
place, they have something that, at worst, 
will pay them the amount of the original 
gift.’* 

He added that because zero coupons or 
interest-bearing deposit will be based cm a 
set term such gifts can be arranged to 
mature at a useful time for children, say at 
18 or 21 years of age. 

“Fund managers may not thank me for 
saying it, but apart from a few added 
extras, like insurance, you find that you’re 
paying hell of a lot for something that a 
reasonably competent nonprofessional 
could probably do for themselves.” 

The warrants market has also proved 
popular for private investors during 1994 
say some analysts. Warrants, like options, 
give investors 'the right to buy shares at a 
set price sometime in the future. 

They can also be traded, their value 
rising or falling depending on the perfor- 
mance of the snare they represent. 

Because they are usually cheaper than 
the share itself, warrants are another way 
of gearing on investment. Investors can 


For more information, call Guinness 
Mahon Guemscv. at Guemsev (44 481) 
723 500. 

Sant Cassia Management 
Offers Global Macro Fund 

Sam Cassia Investment Management, a 
member of tile Securities and Futures Au- 
thority. is launching a new vehicle entitled 
the Global Macro Fund. Domiciled in the 
British Virgin Islands, and listed on the 
Dublin stock exchange, the fund will seek 
to provide capital growth with a minimum 
of risk. The objectives arc ambitious: The 
fund’s brochure details a hoped-for “an- 
nual return of 15 to 25 percent with con- 
sistent month-on- month performance.” 

The fund will commit it* money to the 
foreign exchanges, government debt, 
stock indexes, energy, and precious met- 
als. 

The charging structure, in addition to 
variable annua! Tees, delude* on incentive 
.vi ini iiunagcf* rnis • uhs at It 1 patent 
of capital profit idler investors have 
cleared S percent net of annual charges for 
fully paid shares 

For more information, write Custom 
House Asset Management Ltd_, 31 Kil- 
dare Street, Dublin 2. Irdand. 


gain exposure to the market at a lower cost 
than if they bought the company's shares 
directly. 

However, the warrants market can be 
extremely hard to predict, analysts warn. 
The value of a traded warrant depends on 
more than the typical demand and amply 
factors effecting the stock market. Where 
and when they were issued, interest rate 
movements and their expiry date also play 
a part 

Andrew Watkins, an analyst with Flem- 
ing Investment Trust Management in 
London, says there has been a tread this 
year toward companies giving away war- 
rants with new share issues as a way of 
tempting investors into the market but he 
doubts this will continue into 1995. 

“There has been a lot of press specula- 
tion in the United Kingdom about how 
these warrants were not worth issuing,” he 
said. “The problem is that many of the 
people who bought new issues and subse- 
quently got a warrant didn't know what it 
was.” 

He fears that all too often such warrants 
will be left untouched until they expire. 

Analysts also warn that in today’s mar- 
ket warrants may be especially risky. Ru- 
pert Lowe, an analyst with Klcmwon 
Benson in London, says the ibe rough ride 
suffered by warrants this year is unlikely 
to improve during ] 995. 

“Frankly ," he said, “1 think the outlook 
is pretty bleak. You’ve still got severe 
budget deficits in some countries and rela- 
tively low growth in most ‘Western econo- 
mies. Really the last thing you would want 
to do at the moment is get into some kind 
of leveraged instrument.” 


Fleming Trust Management 
Proposes a Share Exchange 

Fleming Investment Trust Manage- 
ment is offering investors who hold shares 
in “extractive industry" c om panies (such 
as Ashanti Goldfields, RTZ, Minorco, 
En glish China Clays, etc.) the opportunity 
to exchange them for a slake in one of its 
range of 18 investment trusts (quoted 
closed-end mutual funds). The exchange 
will be done at a cost of £730 ($11.25), 
and investors will pay a transaction charge 
of 1 percent, up to a maximum of £50. 

Fleming says that some $300,000 of 
shares pass through its shanreachaime 
scheme each month: “The purpose of [the 
scheme] is to pve investors exposure to a 
wider portfolio rather than relying on the 
fortunes of just a few companies, so creat- 
ing a more prudent and solid approach to 
share ownership,” raid Patrick Gifford, 
chairman of Fleming Investment Trust 
Management. 

rht jfK-r is open until the end ol De- 
cember. 

For more information, call the Fleming 
Helpline number at (44 71) 382 8800. 

In next week's Money Report : interna- 
tional intermediaries. 


In an example he shows that anyone 
who invested a sum of $100 anxxnth for 12 
consecutive months — during which time 
the price fluctuated between S5 and $10 — 
would have bought shares at an average 
cost of $6. This compares with an average 
price of $6.67. An investor who made a 
lump-sum commitment at the same cost 
would either have been very skilled or very 
lucky in ins timing;. 

Thanks to its obvious advantages, dol- 
lar-cost averaging has been catching on all 
over the world during the last few years. 
Mr. Durett says a few canny investors 
have been using the technique to buy 
equities and mutual funds since the 1970s. 

But during the last 10 years, financial 
services companies have been preaching 
the gospel of dollar-cost averaging to their 
customers and it has become accepted. 


Janus Funds, the “no-load” mutual 
fund company based in Denver, started an 
experiment called the No Minimum Ini- 
tial Investment Program in 1989 with one 
of its funds. This allowed savers to set up 
regular transfers of funds from savings or 
checking accounts which were subject to 
no mini m u m- The initiative was a huge 
success, and one that Janus soon adopted 
for its entire range of 13 funds. It will not 
quantify exactly how successful it has 
been, describing the program simply as 
“enormously successful.” 

A spokesman for Janus says there is 
always a spate of new savers at Christmas. 
Many of them are parents, or grandpar- 
ents, malting investments for children, she 
adds. This money is apparently destined 
for various ends. Among the most com- 
mon are; help with education fees, and a 


lump sum to give students a start when 
they leave college. 

in Britain, regular savings plans have 
been an important ingredient in the re- 
emergence of investment crusts, invest- 
ment funds that are listed on the London 
Stock Exchange, as popular savings vehi- 
cles. After small beginnings when the first 
schemes were launched in 1984, invest- 
ment through savings schemes has in- 
creased in the 1990s and this now ac- 
counts for a total of £858 million (51.3 
billion). 

Regular saving is also growing in popu- 
larity offshore and in Europe. Fidelity 
reports it has a savings plan attached to its 

Fidelity Funds Luxembourg-based range 
of funds. And the Fleming Group, anoth- 
er fafldm g international mutual fund man- 
ager, has introduced regular savings into 
its Fl eming Fla gship fund range. These 
products are also based in Luxembourg, in 
response to popular demand from Ger- 
man investors. 

Dollar-cost averaging works best of all 
in volatile markets. “The more the volatili- 
ty of the market the better this works,” 
said Mr. Durett. “In a flat market it will 
not be as useful to the client as it would be 
in fluctuating markets.” Tins is obviously 
because the mechanics of buying more 
shar es when markets are low and less 
when they are high will only work well if 
the markets fluctuate rather than stick to a 
g«aatly rising path. 

For this reason, experts do not recom- 
mend regular investing as a way of buying 
fixed interest investments like bonds or 
bond funds. With the possible exception 
of the last year, bond markets are much 
less volatile than equity markets. 

Dollar-cost averaging is a system that 
makes expert market timers of us alL If 
tins Christmas is true to the pattern of 
gently rising popularity, then more chil- 
dren than ever will receive contributions 
to regular investment programs. This is 
more than a gift of money. Children will 
also get a bit of financial savvy. It is a gift 
that probably won’t spark the enthusiasm 
of the latest Sega Megadrive, but win be 
better appreciated in years to come. 


The Money Report is edited by 
Martin Baker 


0 Future world 

invesco industrialist? 






ms&y 


It’s hard to imagine that tomorrow’s world industrial 
and financial powers, will be bom out of the second and- 
third world nations of today. Through inward 
investment, these countries are developing and 
growing, and fast becoming major new world 
economies. 

INVESCO’s Premier Select Global Emerging 
Markets Fund aims to achieve above average growth by 
investing in the leading companies in the emerging 
markets of the world, wherever they may be. Our policy 
is of complete geographic diversification with a larger 
portfolio than would be normal for a blue chip fund, to 
spread the risk. 

The Global Emerging Markets Fund has the 
flexibility to capitalise upon a wide range of 



opportunities whenever and wherever they may occur. 
Since launch on 2/1/91 the Fund has returned, on an 
offer to offer basis, +80.8% (as at 25th November, 
1994). (Source: Mia-opal Limited) 


Invest at the beginning. Discover 
the potential already being 
realised with the fastest 
growing markets of 
die ever-developing, 
emerging world of 
tomorrow. 



To find out more 
please contact our 
Sales Support Team. 


giobqj 


^vestiflg^ 


f °**iorroW 


To: Sates Support, 

INVESCO International Limited, INVESCO House, 

Grenville Street, St. Hefier, Jersey JE4 STD, Channel 
Islands. 

Please sand me full details of the Global Emerging Markets Fund, 
inducing a copy of die prospectus. 


INVESCO International Limited 
INVESCO House, Grenville Street, Sl Heller, 
Jersey JE4 8TD, Channel Islands. 
Telephone: (0534; 73114 Facsimile: (0534) 68106 


POSTCODE 


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INTERNATIONAL HERALD TRIBI NE, SATURDAY*SUNDAY- DECEMBER 17-18, 1994 


Page l 



?z «. 






: " */■ : _ ■ i ■ 


:i >y.i '-j' 




THE MONEY REPORT 


Be Extra Generous to Your Beneficiary, and Scrooge to the Tax Man 


By Rodney W, Burton 

and Kimberly Moreland 


T AXATION has few principles 
toai apply across international 
° ne ' “dy enough. 


» that the government wamsa 


i-_. _ — o-.-iuuitm wants a 

laige piece of everything, even gifts 
tost how large a slice a government 
warns wiB usually depend on tie 

whelher made to a 


simplifying probate, providing for a 
smooth transfer of a family business or 
supporting a worthy cause —often dictate 
tne form and nature or a gift. 

However, assuming all else is equal, 
from a tax perspective, what sho uld you 
consider when making gifts? Here are a 
few pointers: 

• Consider giving property with apprecia- 
tion potential. If you own property that 
you believe is likely to increase signifi- 


I’ljB - charity or to a person A eifi iax iuJL va ^ ue (® real terms), vou can 

gift and esute .axes by transfer- 
- hWftftMnrf — r .u p - ft _ eat the ring the property while its value is still 




iSi 


r* 7.-. 


to plan the timing of income fEws 
°. f Property, may make more 
gifts than cash or other types of 

Of course, nontax considerations like 


low. Stock or options of a start-up compa- 
ny, or any share-based instrument during 
a bear market, may achieve these results. 

The gift-tax benefit of giving low-value 
property should be weighed against the 
potential tax cost to the recipient, who 
generally will take the donor's basis in the 


property and thus would realize capital 
gain on a disposition of the property. In 
contrast, at least in the United States, if 
the property were willed to the recipient, 
his or her basis would be the fair market 
value of the property a included in the 
donors estate, thereby reducing the even- 
tual taxable gain. 

• Consider income-splitting. A family’s 
overall income tax liability can be reduced 
by “income-splitting.” This means shift- 
ing higb-yidd property to members in low 
income tax brackets, such that they are 
taxed on the future income from the prop- 
erty. A zero-coupon bond can be a good 
candidate for an in come- splitting gift, as 
an income-split would reduce the cost of 
recognizing interest income on an accrual 
basis for tax purposes even though no cash 
is received until maturity. Note that in 
some countries income-splitting will not 


work if the gift recipient is a child, or if the 
income is considered to have been “as- 
signed" rather than the property trans- 
ferred. 


• Gift-appreciated liquid assets rather than 
cash. This is a variation on income-split- 
ting. If you want to give money to some- 
one who would pay capital gains tax at a 
lower rate than you would, it may be 
advantageous to give the recipient appre- 
ciated liquid assets to selL The income tax 
an the gain will be reduced to the extent 
you would have paid at the higher rate, 
whereas your gift tax would remain the 
same (Le., since the values of the cash and 
the liquid assets would be equal). 

Even if you increase the amount of the 
gift to cover the recipient's tax cost, the 
overall tax paid will be lower than if you 
liquidated the asset yourself. Again, if a 


“kiddie tax" applies or the income is treat- 
ed as assigned, the benefit may not be 
fully available. 

• Do not give assets that have depreciated in 
value. As mentioned above, a recipient 
normally takes the donor's basis in gifted 
property. However, if the donor’s basis 
exceeds the fair market value of the gift, it 
may not be possible for die recipient to 
benefit from this built-in loss on the even- 
tual disposition of the property. 

In the United States, for purposes of 
recognizi n g a subsequent loss (but not a 
gain), the recipient’s basis will be the fair 
market value of the property on the gift 
date. 


loss will only be 10. However, if the recipi- 
ent later sells the shares for 120. the gain 
will be 20. No gain or loss would be 
recognized if the sales price is between 70 
and 100. 


W bjl e giving financial products may 
allow you to take advantage of these tech- 
niques more readily than gifting other 
assets, they also present certain issues. In 
most jurisdictions gifts do not occur until 
they are “completed," that is, until the 
donor no longer retains legal rights or 
economic benefits in the property. This is 
significant because the value of the prop- 
erty is set when the gift is made. 


Far example, assume you purchase 
stock of XYZ Co. for 100, and give the 
shares when they are worth 70. If the 
recipient later sells them for 60. the tax 


Rodney Burton is a partner with S.G. 
Archibald in Paris, and Kimberly Moreland 
is a manager with Arthur Andersen Interna- 
tional in Paris. 


Penny Stocks 

’sJAHtr Prices, High Risks 

| Fortune,' 11 -5j 

fol I (pence) ! n.of 

: I ! 105! 



Source: Bloomberg 


Dec. ‘94 


Jun. '94 


Pest Performing Mutual Funds 


LeacBn g.mi itunl funds from Belgium, Britain, France, Germany. 
‘ \y jl ® rr *o^ r ,^shom Territories, Switzerland end the 

.. UnftadS tates. VaJueof $100. income reinvested excluding charges. 


Over one month to Nov. 30, 1994 


1 • — * 

; _i i. 


. : Govett WSHong Kong Beer 

- GffWWd Bond ZJUOL ■ , 

. ' Prow Cap GW Futures Bd IV-... - ;■ ■ _■■■' " 

. Prw CapGtd Futures Bd (II ........... 

Prov Cap-Gtd FubiresBd I .. 

. . Nestor Lateinameifca _ 

*' Prdv Cap GW Futures Bd II ^... __ 

• -Templeton Global Income 

• . Turkish Growth-Fund ^ 

• Hansard Mufyp&c BrazB. ; .— 1...1 ....... 

r ~ “ “t~— — ■>■■———• 

. . -IWFGarik Arztefonc^ ZZZZZZZIZ !!Z"!ZZZZZ!Z 

-..CanfoQond FundAUO 

• . CterfderiQerfvatfves 

. .T<ad6.Bant... — - 

; W -US-Equrty Bear _™ZI — 

i Sambros EMMA Aus&vDUrBon ...... .i . 


nq»mawui.iDHaa , 

-•HartteJ^TTechntjtagy:.-^ 

t i.l^(^e.AusOTrFlx Int, 


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>- J Hybor 


“PFJ6ec^rene^^-..„^l..-, 
iHKkff GF'Korea 
T atwan p^uttYOrcwrih _ . 


---i ±/- -.«sft3a'Fund(Cayri^n) -Lftt-U,- -. — 


. JFTafwanTnust^,v.;4-..^~- — 
>TBbet fund-MAV.;. 

*> Fboribda 

* 8ordferJ<bre^h::V.u.v^ — 
rHiUSamwel J^wrieso Technoto.7;„~.U.. 






a MSy wa — -- 

sNc^tllC, -H.r —r-— 

T » ■*•*•<* t ***— ■******' 


61.40. 

60.47 ‘ 

S6L03 
55.78 , 
'&&&: 

saxa 

.^'4-4.- 5a3t; - 

• SMB . 

49^2 
ABAS . 
J .49:19 

48.13 . 

. — .4ao8, 
^ 4755; 

«:^ 45.78 - 

: 44.78: 

- 4458 

ZZZ .44.48 . 

44.13 • 
4250: 

^^_:42;a> ■ 

: ^ 41*77 . 

30L62 1 


• r -.V-r-J 




7 Rterican-tov. 

* ry** 

- MonwryGew iGenerel.^....^. 

- AcraT 

■ <3.Asia Pacific Growm..,~^— 

• . proV.Csp&Jl. Hpng Kiong,...^—.- 

: Genets Erpcw^g Madge.. ..M rv . 


43557 
™ 345l01 ' 
- . aango- 

310^0 

-^..-.291^5: 


_U-_278J73 

^..278^4 

—^262.41 
261^3 ■ 
'25421- ■ 
347^1 
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,—*--22554 




^-..-280^8 

21821 : 

21530 

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^-.208.71- 
- 2oaS8-. 

__...207t58 

^*^.-20638' 

-204D& 

— J 200.47- 


. .. • V '■£ ‘ Source: HSicnspal 


Real 

Estate 


r 0FFSH0RE 
COMPANIES 


BY LAWYERS 




ru3?Slj5^1 






Every Friday 
Contact 
Fred Ronan 
Tel: 

11)46 3793 91 

Fax: 

1)46 3793 70 
, r your nearest 
1HT office 

- representative 


IMMIGRATION 
& TRUST EXPERTS 

m 



LONDON OFFICE 

sccm»0 HOUSE fCCCYDXCYCTOCCT 
CHELSEA, lOHOCMS'.VJCNJ 
O WU'AIT.A 
r -t< 4*-71 873 T-; 


Maybe Penny Shares 
Won’t Be Profitable, 
But They’ll Be Fun 


Packaging a Financial Christmas Gift 


By Judith Rehak 


F OR those who want to help a 
child get off to a good start by 
playing financial Santa, a host 
of variables come into play: the 
purpose of the gift, the age of the child, 
the amount of money to be given, and 
the instrument. There is also plenty of 
self-interest at work in such gift-giving. 

A popular way to give money to chil- 
dren is to set up a Uniform Gift to 
Minors Account, thereby shifting assets 


. Dec. *94 

lntrnuUonjJ Kcrabf Tnfaae 


A 


»„ Al - o . Kuon cannot begin to match. By no 
By Afine Snlhvan means all oflhem are like Polly 
e, . . _ . Peck, the fruit packaging group 

S last minute Chnsi- founded by the T urkish Cypriot 
mas gifts, penny entrepreneur Azil Nadir, that 
shares have their at- was ^ darling of U.K. inves- 
tracuons. They carry IO rs in the 1980s. Polly Peck is 
itheirfarrshiftofnsk, now bankrupt, and Mr. Nadir is 


more than their fair shift of risk. 


but following their perfor- back in CvpVus, out of reach of 
mance should never be bonng, creditors iid Ibe British polict 


from the parents’ higher tax base to the 
child’s. Under the UGMA structure, a 
child under the age ofl 4 receives the first 
$600 of investment income tax-free, the 
second $600 is taxed at the child’s rale 
(usually 13 percent), and the parents pay 
at their rate for the rest. But when the 
child turns 14. all income is taxed at the 
child’s rate. This provides a big tax break 
to the parents, but the downside is that 
the child gets control of the money at the 
age of 18 or 21. Many parents decide to 
forgo the tax relief and keep control of a 
gift, for fear that the college fund will be 
blown on a Porsche. 


Many brokers are reluctant 
to discuss shares valued at less 
than a dollar, saying that they 
are too speculative. An excep- 
tion is Bruce PapareDa. research 
director at Carr Securities in 
New York. He argued that 
shares in promising companies 
are frequently suppressed by 
poor management 
‘These companies are like 
blemished fruit,” said Mr. Pa- 
parella. “You won’t find a 
beautiful apple is the garbage 
pile, which is where we look for 
these shares. But you can find 
ones that are only rotten in 
part. And then you wait Cor that 
part to be cut out" 

He cited two companies in 
support of this view. The first. 
Miami-based Southeastern 
Public Service, has interests 
ranging from oil and gas pro- 
cessing to tree trimming. The 
company used to be controlled 
by victor Posner, a well known 
and often disparaged UjS. in- 
vestor. When Mr. Posner sold 
his stake, shares trading on the 
Pacific Stock Exchange jumped 
to $24 from about 75 cents. In 


A far more heartening story 
is provided by Drew Industries, 
an aluminum goods maker 
based in New York state. Three 
years ago, shares in the compa- 
ny were trading over the 
counter market at 73 cents a 
share. In 1993, before the com- 
pany sold some of its units. 
Drew was trading at $14 a 
shore. 

With hindsight, brokers say 
the company was always well 
managed. But no one paid it 
much attention. It wasn't until 
one of its products, a ventila- 
tion fan, was sold through re- 
tailer Home Depot, that the 
company came under the scru- 
tiny of professional investors. 
But by then, share values had 
already gone through the roof. 

Of course, few successful 
companies are valued at under 
a dollar a share simply because 
their attributes have been over- 
looked. Many more were 
dragged down to that level by 
the recession. Some of these 
may now be poised to recover. 

Ross Haberman, manager of 
the S20 million Haberman Val- 


as the only way to beat inflation. His 
ideal gift would be a $20,000 portfolio of 
aggressive equity funds, with 65 percent 
devoted to U.S. stocks, using Strong 
Growth, a small- to mid-size company- 
fund and Harbor Capital Appreciation, 
a large-company growth fund. The other 
35 percent would go to non-American 
equities, using the Warburg Pincus Inter- 
national Equity Fund, a growth-oriented 
vehicle, and Harbor International which 
focuses on large companies. 

For a smaller $10,000 portfolio, he 
suggests Strong Opportunity, a fund 
which specializes in mid-size companies, 
and Mutual Beacon, which seeks out 
undervalued stocks. “Their approaches 
are slighly different, and they both cover 
U.S. ana foreign markets,** be said. 

“You need three to five years mini- 
mum for an equity portfolio to get 
through one market cycle,” he added, 
“but if you have 10 years to work, that’s 
ideal.” 


based Twentieth Century. The S26Q mil- 
lion Gif trust fund, which invests exclu- 
sively in small company stocks, is 
considered one of the most aggressive in 
the business; it has soared a spectacular 
819.35 percent over the past 10 years to 
the end of last September, making it the 


top performer of all equity funds for that 
period according to upper statistics. A 
5250 trust set up for a child at the fund's 
inception in 1983. with no additional 
contributions, was worth $1,994 at the 
end of November; a $1,000 trust had 
grown to $7,976 over the same period 
But even though the experts are unani- 
mous in advocating equity funds, they 
acknowledge that some gift-givers don’t 
feel comfortable with the ups and downs 
of the stock market, and even less so with 
funds that invest in exotic places like 
Thailand and Brazil. 


But regardless of which path you take, 
there are certain guidelines. First, say the 
experts, a newborn’s first Christinas is 
not too soon for a financial gift. “The key 
is to start early, because compounding 
over time has a tremendous beneficial 
effect,” says Craig Utman of Litman 
Gregory, a San Francisco group which 
advises clients on buying no-load mutual 
funds. 


Along with many financial advisers, 
Mr. Litman advocates equity funds, with 
a hefty stake outside the United States. 


For those who don’t happen to have 
$10,000 to hand over to a child there are 
any number of mutual funds which re- 
quire only an initial investment of 
$ 1,000. One of the more interesting alter- 
natives, however, is the Twentieth Cen- 
tury Gi/ trust fund which can only be 
given as a gift, and requires a minim um 
investment of only $250. The child be- 
comes the shareholder in an individual 
trust, while the gift-giver sets the dura- 
tion, which must be at least 10 years, or 
until the child reaches the age of major- 
ity, whichever is longer. 

“Our customers are usually parents or 
grandparents giving to young children, 
even babies in the crib,” says Gunnar 
Hughes, a spokesman for Kansas Gty- 


For this more conservative group, a 
popular gift option is the zero-coupon 
Bond where the interest is paid only at 
maturity. Even though the returns don't 
match those of equities, the giver can put 
the bond away knowing exactly now 
much money will be coming to the child 
on what date. 


“For a Christmas gift to a one-year old 
child you could spend $5,000 for a zero 
coupon yielding about 8 percent, matur- 
ing in 18 years,’ suggests Lewis Altfest, a 
New York City financial planner. “It 
would be worth about $20,000 just as the 
child is starting college.” 

But for those who want to spend some 
extra time with an older child or grand- 
child Mr. Altfest has another sugges- 
tion: a Christmas gift of money, for ex- 
ample, $1,000, to invest — with a bit of 
supervision, of course; 


July 1993 the company was “ 

merged into Traiac, a New J 


liFZ Founder's Bank as the classic 

York holding company ^around sSfk. 

Concorde Career Colleges . Shares in the commercial bank, 
r. PapareHa’s second exam- based in New Haven, Connecti- 
e> operates secondary training cut, were traded at 30 cents re 
bools. Shares in the compmy, cently, compared with about 
rich is based in Kansas City jjq a few years ago. 

id traded on the OTC Bulletin MT . . „ . nnt . ^. llKI , 

♦!„. The bank got into trouble 

^nnpY-TTwnf’Q SL.hV xmSh thr the Connecticut econo- 

magement s trouble with the „ ^ j^be^ sui -j, 


Keep Offshore Trusts 
In Mind for Gift-Giving 


Mr. PapardQa’s second otam- 

in fhecompan^ 
which is based in Kansas City 
and traded on the OTC Bulletin 
Board were suppressed by the 
management’s trouble with the 


By Baitar&Wafl 


T HE offshore trust can 
be a smart way of shel- 
tering financial gifts 
from the tax authori- 
ties, but, be aware, there are 
many other advantageous rea- 


rr r i iirmni i nt n, mV : .Vt, = -h .Ttr n f toy, Mr. Haberman said, “it 

issued new shares about a year 
aeo to ag itsdi out cf IroubS 


element can be built into the 
trust deed to allow for this pos- 
sibility.” 

Another common use for a 
trust Is to ensure that financial 
assets can pass down through 
the generations without being 
split up. “A classic example is 
where the head of a family has 


loan defaults. Management has • b TTl ■ ■ . T 

ly competfflthands or the far- 


sons for channeling donations STICKS 
through this medium. “ c contTofllI ? g mte f es ? “ a 

“Stations do arise where in- 


^SeshSSlTdimbiat 
^ least $1.50 in the next few 


dmdnab wish their chfldren or 

grandchOdrea to benefit from 1°^" 


the change has not yet been mrw ,v , i 
reflected in the company’s 
share price. Geor* 


■or wealth, but they do cot frs T “5; “*“5 
i«h to main, ontriahf Jfte vI. fr° m d* underlying shares, 
isb to make outnght gdts be- ^ ^ Hauser. 

uise of the concern that the 


George Geomou, an invest- 
ent adviser at NatWest Stock- 


. . . .. . ment adviser at NatWest Stock- 

^ oacor ^J s ?!?^ B JUS brokers in London, likes the 
^v! ,h S. 11 ^ look Of Fortune Oil. currently 


funds win be squandered or M o? ofte n ton not, tax 

SbS'thefcSS 


13 cents in the last quarter 


MmnT-mnini B At-- twvw VWMiiu fcMv- ivuuouvm VI a 

look of Fortune Ofl, currently „ trust John Condor, a solicitor 

trading at about 5 pence a with the London law firm Mao- 




EARN UP TO 


pa gross 
equal to 


9.05 


compound interest* 


GUARANTEED 


r d ^ Pap " ClJ ^ riSSf The company was the OsmtdlsUnd^ “1^ plao heSSS 

formed by the takeover or Hong ma^SquWes Trom ^UJL 

should be valued at $3 or $4 per Kong-based Kingsleigb Pctro- ^ of knowing that clients who have ei- 


share.” 

Many investment advisers 
are skeptical about the chances 


antes in China 
joint ventures, 


of spotting enough winners in constructing gas terminals and 
the penny share category to out- bottling plants and building oil 


weigh the inevitable — and far and gas terminals. 


ries, or are themselves planning 
to take up U JL residence. 

“We would generally advise 
these clients to put gifts into a 


more numerous — duds. “You COVISCf ^ ^ ralio . 


can hit a home run but there are ^ for investing in penny 
alot more strike outs, said s j iarcs ^ only a little more be- 


David Katz, chief investment Jjgvable than Santa Claus. But 
adv K T at v®S tAssctAdviS " those lucky enough to receive a 


ers in New York. 

Others are even more bear- 


ish. Keith Mullins, managing grateful for a long time to come, 
director of Smith Barney 


emerging growth stocks in New 
York, has a simple philosophy: 
“Anything priced at less than 
$5 is cheap for a good reason." 


formed by the takeover of Hong many enquiries from non-UJK_ 

Kong-based Kingsleigb Pctro- domiW dients who have ei- 

leum by Blackland Ofl in Au- JSfS ther U.K. domiciled beneficia- 

gust 1993; it oooates ^fS^^ lebCnefh0flhe ries, ©rare thraasel^ planning 

through several joint ventures, to take up UJL readence. 

constructing gas te rmin a ls and 5Ja J^ c iSSST would gaierally advise 

bottling plants and buflding oil these dients topm^ts into a 

« f . tNSSBSi2E2Z:£. SIS 2ih a 

Of course, some of the rauo- yer with the London office of f aplt H gai 1 ^L real12 '? ■ 
nale for mvestmg m penny JJe American law finn Brian brougfa onshore may me nse 
shares is only a Uttlc more be- soggests thatXj oust to a gams tax lability, 

Iievable than Santa Claus. But struSnreombe useful if the ^ Condor ' 

tlrose lucky enough to receive a donor is unsure who in a dass i 

winner among a grab bag of of beneficiaries wffl need the - 

shares for Christmas will be stifi the most. 

grateful for a long time to come. “Chsh, property and securi- MBfHjByjnfSiffiBjffPM 

■■ ties are oftw left in trust to be 

Readers are reminded that in- split equally between several 
vesting in penny shares is ex- beneficiaries. However, if dr- ■ p*fesgiiwriMotni^ ■ 


You can now take advantage of these 
attractive rates for fixed term deposits. 


£50,000 -£250,000 


brought onshore may give rise 
to a capital gains tax liability,” 


FtXBBPBVOO 

GROSS ftxaHWIE 

COMPOUND 

INTEREST* 

2 years 

6.500% pa 

6.71% 

3 years 

7.125% pa 

7.64% 

4 years 

7.375% pa 

8.23% 

5 years 

7.750% pa 

9.05% 


winner amon 
shares for C 


bag of 
will be 


Readers are reminded that in- 
sting in penny shares is ex- 


Attractive rates are also available for £1,000 to £49 ,999, 
and for 1 year fixed period. 


cremety risky. Investors could cumstances change and one of 
suffer substantial capital losses, the beneficiaries desperately 


But peony stocks do offer The above article reflects the needs more than his allotted 
prospects for capital appreda- views of the analysts quoted — it share of the assets, it is comfort- 
tioa that blue chip companies does not endorse them. ing to know that a discre ti o n ary 


HMriHndAhaeaupntend 

httnintobylnhiaMnandUgb 

oawfehMOflbJcrtotareitferce, 

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Lombard North Central PLC, Booking Services Department 1507, 
J 2 Mount Street. London W1 Y SfcA. 

PVau:uiJuikUlii ^urikv^KnaBiniAXWttlM CVITA131 


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NAME (Mr . Mtf J. 


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Ottre- UfliWc) Haw, J Prm (rslijr, RnJhtti, SonrvitHt INF. Ej^M d 


Interest a credited JnnuaJly to cant intecs an interest. For example JtW.000 departed 
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i » 







Page 18 


INTERNATIONAL HERALD TRIBUNE, SATUBDAY-SUWDAY, DECEMBER 17-18^1994^ 


SPORTS 

High- Stakes Dud for Vikings and Lions 



„ most underrated secondaries in the 1981 Rhett has been at the fore of that two games with a sprained foot The 

*T i IONS ix-61- AFC Charger? by 2ft. streak. Too bad the Redskins haven’t Chiefs will need him to stop their three- 

FALCONS (^8) AT p ACmS(7- [pund^at kind of threat. The Beheld «"* aad salvage to 


giving up 65.5 yards a game. . l ^ 

f'rttnrrumtc' TTie VilritiSS nan rlin rh the IS IDOSt in the NFL. 

NFC Central' championship with a vie- Comments: The Pack^ have avt^ 
torv The Lions can keep their playoff aged 34 pomts in th&itest three games 
hroes alive. Both teams have winning and Brett Farve and Shaipe have been 
streaks going, so they enter the game hot. on fire. The Falcons run-^id-shoot o- 

_ ,, - ~ . L.i fanca <e alcn ^-anahlf* rvf niimno tin mine 


over as starter five games ago. Hes to Keep up wim ore 
ithrown II touchdowns and 1 mtercep- £a«ers bvo. 


NFL MATCHUPS 

don. It could be a shootout, in which 
Warren Moon could stand tall, but odds- 
raakers favor the Lions by 1ft points. 

BRONCOS (7-7) AT 49ERS (12-2): 
Key stats: The Broncos have gotten 40 
first downs by penalties — most in the 
NFL. Sieve Young has completed 71.7 
percent of his passes inside the oppon- 
ents's 20-yard line. 

Comments: The 49ers have been the 
model of efficiency the last few weeks, 
winning 9 straight games — the longest 
streak in the league. Everything they’re 
doing now seems like just a dress re- 
hearsal for the big show. John Elway is 
expected to return for this game after 
missing last week’s game with a sprained 
knee. 49ers by 14. 

CHARGERS (9-5) AT JETS (6-8): 
Key stats: The Jets have scored two 
touchdowns in the last 10 quarters. The 
Chargers defense is No. 1 in the AFC 
against the ran, giving up an average of 
85.1 yards a game. 

Comments: It seems like the Chargers 
have been trying to clinch the AFC West 
for about a month. 'They’ve gone 3-5 
over the last two months and it hasn't 
helped their cause, A victory against the 
Jets can clinch the division for them. 
The Jets are in the position to play 
spoiler, but they might not have enough 
left to make a good go of that. To brat 
the Chargers they’ll have to slow down 
Natrone Means and Boomer Esiason 
w31 have to go up against one of the 


RAMS (4-10) AT BEARS (8-6): Key 
stats: Steve Walsh has thrown four in- 
terceptions in the last three games. The 
Rams are giving up an average of 13.1 
yards per punt return — the most in the 
NFL. 

Commems: Walsh and the Bears have 
taken it on the chin the last two weeks 
and have lost their grip on the lead in the 
division. But they stul have control of 
their playoff hopes. The Rams have lost 
five in a row and aren’t going anywhere. 
Jerome Bettis needs 30 yards to get his 
second straight 1,000 yard season. Tam- 
pa Bay shut him down last week (23 
yards on 13 carries). Bears by 6ft. 

PATRIOTS (8-6) AT BILLS (7-7): 
Key stats: The Bills defense has not 
allowed a 100-yard rusher this season. 
The Patriots lead the AFC in time oF 
possession (31:57). 

Comments: Jim Kelly is out for the 
season with a knee injury and if the 
Patriots win, the Bills season could be 
over shortly as well. Frank Reich will 
have the task of trying to resuscitate the 
Bills and keep their playoff hopes alive, 
He’ll have to do it against a Patriots 
defense that is playing with confidence- 
JHIls by 1ft. 

BUCCANEERS (5-9) AT RED- 
SKINS (2-12); Key stats: Errict Rhett 
has rushed for 100 yards or more in four 
of the last five games. The Redskins’ 
defense has given up a league-high 374 
points. 

Comments: It’s the second game be- 
tween these tftams in the last three 
weeks. The Bucs have ripped off three 
straight victories, For the first time since 


Key stats: The Eagles are averaging 42 
yards per cany, which is No. 2 in the 
NFC. In seven of the last nine games, 
the Giants defense has held opponents 
to 20 points or less. 

Comments: Two teams with identical 
records, but heading in completely oppo- 
site directions. The Giants have won four 
straight while the Eagles have lost five. 
Thefoserof this game is out of tbeplayoff 
race. The Eagles coach. Rich Kotite, has 
benched Randall Cunningham in favor 
of Bubby Blister. Will it be enough to 
shake op Philadelphia? Eagles by 4. 

BENGALS (2-1 2) AT CARDINALS 
(7-7): Key stats: The Bengals are -19 in 
turnover ratio. The Cardinals have 976 
yards in penalties — No. 2 in the NFL 
behind the Raiders (1.086). 

Comments: The Bengals came dose 
to knocking off the Giants last week, so 
the Cardinals can’t afford to take them 
lightly if they want to maintain their 
playoff hopes. Blitzing the Bengals too 
much could prove to be a mistake. Jeff 
Blake has a way of finding receivers 
deep. Arizona seems to have found an 
effective way to move the ball, using a 
short passing game with r unning back 
Larry Centers. Cardinals by 8. 

BROWNS (KM) AT STEELERS 
(11-3): Key stats: The Browns have al- 
lowed a league-low 13 sacks. The Sted- 
ers lead the NFL with 53 sacks. 

Comments: This will be a bruising 
battle between two of the NFL’s tough- 
est defenses. The Browns have given up 
a league-low 178 points and the Steelers 
are second, giving up 190. Neither of- 
fense wiB light up a scoreboard. Barry 
Foster returns from a back injury. He 
could help the Steelers win a ball-con- 
trol war. Steelers by 3 ft. 

OILERS (1-13) AT CHIEFS (7-7): 
Key stats: Oilers quarterbacks have 
bear sacked 59 times — the most in the 
NFL. 

Comments: Joe Montana could re- 
turn to the lineup after missing the last 


college draft Chiefs bv 9ft. 

DOLPHINS (9-5) AT COLTS <6-8): 
Key stats: The Dolphins have scored 76 
points in the last two weeks. Ray Bu- 
chanan has an interception m each of 
the last five games. 

Comments: With die victory over 
Kansas Gty on Monday night,' Miami 
put an end to the questions about 
whether it would suffer a late-srason 
swoon similar to the one that knocked it 
out of the playoffs last season. The Colts 
have a good runner in Marshall Faulk 
and not much else. Dolphins by 4. 

RAIDERS (8-6) AT SEAHAWKS (6- 
8): Key stats: The Seahawks average 
133.9 yards rushing a game. No. 3 in the 
NFL. Terry McDaniel has seven of the 
team's 12 mtercep dons. 

Comments: The Raiders, picked by 
many to make it to the Super Bowl this 
year, have been surging lately, winning 
four of their last five games. In the 
second week of the season when the 
Raiders were reeling, Seattle blasted 
them 38-9. Don't expect that to happen 
again. Raiders by 5ft. 

COWBOYS (11-3) AT SAINTS (6- 
8): Key stats: The Saints defense has 
given up 27 TDs via the pass — the most 
in the NFL. Emmitt Smith has 20 rush- 
ing touchdowns — nine mare than any- 
one else in the NFL 

Comments: Jim Everett has had an 
outstanding season, thanks to some 
good protection from his offensive line. 
That line will be tested by Dallas an 
Monday eight. A good matchup to 
watch will be Charles Haley versus Wil- 
lie Roaf , who has given up just four 
sacks in 29 starts. After missing two 
games with a knee injury, Troy Aikman 
appeared rusty in last week’s loss to 
Cleveland. He’S be sharper against the 
Saints. Cowboys by 9ft. 

These , National Football League mat- 
chups were written by Timothy W. Smith 
of The New York Times. Odds were pro- 
vided by JHarrah's. 


Cowboys and 49ers 
Lead Pro Bowl Vote 


SCOREBOARD 

- V: ■ r'i i-r-.lJ; 


NBA Standings 


Reuters 

NEW YORK — The Dallas 
Cowboys and San Francisco 
49ers dominated voting for the 
National Football League Pro 
Bowl much as they have domi- 
nated opponents as the two 
powerhouses accounted for 20 
spots on the 42-man National 
Football Conference squad. 

Eleven members of the East- 
ern Division champion Cow- 
boys and nine players from the 
Western Division champion 
49ers were selected through bal- 
loting by players, coaches and 
fans for the game scheduled for 
Feb.5 in Honolulu. The results 
were announced Thursday. (See 
Scoreboard) 

Running back Emmitt Smith 
was among six Cowboys named 
as starters. Smith will be joined 
by guard Nate Newton, center 
Mark Stepnoski, safety Darren 
Woodson, defensive end 
Charles Haley and defensive 
tackle Leon Lett 

Other Cowboys selected in- 
cluded quarterback Troy Aik- 
man, wide receiver Michael Ir- 


vin, running back Daryl 
Johnston, tight end Jay Nova- 
cek and guard Mark Tuinei. 

Quarterback Steve Young, 
the NFL’s leading passer, was 
one of five 49ers named as start- 
ers. Two of Young’s favorite 
targets, wide receiver Jerry Rice 
and tight end Brent Jones, were 
also selected, along with corner- 
back Deion Sanders and safety 
Merton Hanks. 

The San Frandsco reserves 
are safety Tim McDonald, cen- 
ter Bart Oates, guard Jesse Sa- 
polu and defensive tackle Dana 
Stubblefield. 

The Pittsburgh Steelers head 
the AFC roster with six selec- 
tions, led by comerback Rod 
Woodson. He was joined by 
linebackers Kevin Greene and 
Greg Lloyd, safety Carnell 
Lake, guard Dovel Love and 
centre Dennomti Dawson. 

Five Minnesota V iking s were 
named to the NFC squad and 
the Miami Dolphins had five 
players selected for the .AFC 
squad. 


EASTERN CONFERENCE 
Attaatlc DtvUon 



W L 

Pet 

GB 

Ortondo 

16 4 

JO 0 

— 

New York 

12 7 

AVf 

3V> 

Boston 

9 13 

An 

8 

Phi lode fPhta 

0 12 

AM 

0 

New Jersey 

9 14 

an 

0Va 

Washington 

6 12 

333 

9 

Miami 

S 14 

Ceetrai Dtvbion 

363 

low 

Indiana 

13 6 

U* 

— 

Cleveland 

13 8 

J19 

i 

Chariofte 

N 9 

JSO 

sw 

CWcaso 

10 9 

326 

3 

Allanto 

9 12 

A39 

5 

Detroit 

8 12 

.400 

5tt 

Milwaukee 

7 13 

350 

6te 

WESTERN CONFERENCE 
Midwest DhrtUoe 



W L 

PCt 

GB 

Houston 

13 7 

■650 

— 

Utah 

14 8 

436 

— 

Denver 

11 8 

579 

m 

Dallas 

10 8 

556 

2 

Son Antonio 

10 9 

526 

2W 

Minnesota 

3 17 

Pacific DMstoff 

.190 

10 

Phoenix 

is 5 

.750 

— 

LA, Lakers 

13 7 

JSO 

2 

Seattle 

13 7 

JSO 

2 

Sacramento 

11 9 

55D 

4 

Portland 

10 9 

526 

4Vs 

Golden State 

8 13 

■381 

7V» 

LA Clippers 

3 IB 

.143 

1216 

THURSDAY'S RESULTS 


Utah 

20 21 

r 38 

28— 95 

Wastenoten 

16 X 

1 M 

*2—85 


Denver » 19 M 3S-W 

Miami 21 29 21 01— 99 

□: R.wilUams 6-12 4-721, Rogers 7-16 W 16; 
M: Rica 8-15 0-0 19. Wlllta 12-21 W 29. Re- 
bounds— Denver SB (Mutombo 15). Miami 45 
(Willis 12). Assists Denver 16 (Pack 5). Mi- 
ami 22 (Calm, Reeves <1. 

Beaton 33 » 23 W-11J 

Dallas 35 M 24 25-122 

B : Wilkins 12-23 8-9 33, Douglas 2-12 1-2 19; 
D: Jackson 13-18 13-1440: Mestibum 11-2054 
27. Jones 11-19 M 25. Rebounds— Boston 36 
(Montrass 11), Dallas 58 ( Janes 201. AhUIs— 
Boston 19 (Weslev 7), Dallas 29 (KWd 10). 
LA. Lakers 31 17 » 20-97 

Houston 25 21 25 23-44 

LlCeball as 1502 6-A 36. Jones 6-123-4 14; H: 
Otaluwon 0-19 4-7 22, Maxwell 6-13 W> 16. Re- 
IMaMs— Las Angeles Si (Dime 17). Ho u ston 
57 (Thorpe 16). Aatato-Los Angeles 17 (Van 
Exet 7), Houston 29 I Cassell 8). 

Portland 2! 31 28 31—103 

Seattle 23 32 34 35-114 

P: C-RoWroon 8-209-1326. Drexler 7-19 TO-11 
26, Strickland 6-128-10 20; S; Kemp 9-15 8-1024 
Porto it 9-18 4 - 4 23. Redounds Po rtland St 
(CRaMnsm 15), Seattle 44 (Kemp 8). As- 
sists— Portland 16 (Strickland 51, Seattle 25 
(Pavlm *1. 

OoMen Stale 19 15 25 23-82 

LA. CUppen 27 28 20 23-89 

G: Sarewell 9-21 9-1327, Gugllatta 492-2 14; 
L; Seat? 7-17 4-7 22. VaupM 7-15 44 18 Re- 
bounds— Golden Stale 58 (Rader 14), Los An- 
nates! (Vaught 11). Assists— Golden 5tato 14 
(Guollatta 6), Lae Angeles 14 (Rk*wrdson6I. 
New York 24 if » 36— M 

Sacramento 17 11 25 11-84 

H. Ewing 941 9-10 27. Starks 6-14 44 19; S: 
W.Wllltoms 6-12 7-8 19, Richmond 8-Z1 54 2). 
Rebou nds -New York 62 (Ewing 18). Sacra- 
mento 48 (MSmHh 9). AsxMfr-Now York 24 
(Starks 91. Boc r ucn t o 10 (W.Wililam 31. 


U : Matone 7-15 34 17, Hornoeok 9-16 2-2 22; 
W: WBbber 18-17 1-5 71, Cheaney 6-1S 2-2 15. 
Rebound*— Utah 52 (Motorola), Washington 
55 (Howard 313. Assists— Utah 30 (Stockton 
14), Washington 18 (Qwanev, Howard 4). 


Major College Scores 

EAST 

Campbell 56. Torn, Westavan 43 


Cent. Florida 84 WlrUhnp SO 
ColL ol Charleston 77, Barton 65 
Louisiana Tech 74, Georgia St. 71 
Md.-E- Share 85. Wilmington, DeL 43 
MIDWEST 

Ohio SL 84, Tn-Chattanooga 83. OT 
&. Illinois 74 SE Missouri 72 
SOUTHWEST 

Toxas-El Pam 74 Scan Houston SL 74 
PAR WEST 

Pepperdlno 84 S. Utah 69 

Tl- ■*•»»- .-».•* -u— - - J ■ ; - ’ . -Y— / _■ • 

'J:. 

1994 Pro Bowl Teams 

NATIONAL FOOTBALL CONFERENCE 
Offense - 

Wide Receivers— x- Jerry Rle*. Swi Fran- 
cisco; x-Cris Carter, Minnesota; sterling 
Sharp*. Groan Bar: Michael Irvin, Dallas. 

Tackles— x-WUUam Roof. New Orleans; x- 
Lamas Brawn. Detroit; Mark Tulnet Dallas. 

Guards — x-Nate Newton, Dallas; x-Ran- 
dad McDaniel Minnesota; Jesse Sapolu. San 
Frandsco, 

Centers— x-Mark Stepnoski, Dallas,* Bari 
Oates. San FranC i aca. 

TlgM Eads— x-Brent Jones, San Fronds- 
co; Jov Novatek, Dallas. 

Quarterbacks — x-Sfeve Young, San Fran- 
cisco; Troy Aikman, Doha* Warren Moan, 
Minnesota 

Running Bodes— x-Emwiin Smith, Dallas; 
x-Barrv Starters, Detroit; Jararoe Betti* Los 
Angotes Roms. 

Fallback — Daryl Johnston, Dellas. 
Defense 

Ends — x-Rcggle White, Green Bay; x- 
Charies Hater. Dallas; William Fuller, Phlta- 
(MPMa 

Interior Lineman — x-John Randle, Minne- 
sota,- x-Leon Lett, Dallas; Dana Stubblefield. 
San Francisco. 

Outside Linebackers — x-Ken Harvey. 
Wa shin gton; xHSryee Faun Green Bov,' Seth 
Javner, Arizona 





lik’ 


fi 


jyi'-,.- - ' 
/ ■ * 


Joe Gita/ Beaten 

SCORELESS DUNK —Hie Bullets’ Chris Webber saw bis dunk refused because of 
a foul away from the ban. Despite Webber's 21 points, the Jazz won the NBA game. 


(aside Linebackers — x-Chrts Spfefman, 
Detroit; Jesste Tuggle. Atlanta. 

CoraeriMda— x-Oekm Sanders, San Fran- 
clsca; x-Aaneas Wtinams. Arizona; Eric Al- 
len, PttliaaeUtfila. 

Safeties — x-Darrea Woodson. Dallas; x- 
Merian Hanks, San Fnndxo: Ttm McDon- 
ald, San Francisco. 

SpecbdHH 

Footer — Reggie Rotov. Washington. 

Pfscekidw — Fuad Revet i. Minnesota. 

Kick Return Specialist— Mel Gray. Detroit. 

SPOdai Tetncer — G taerr SheHoy, Atlanta. 

AMERICAN FOOTBALL CONFERENCE 
Offense 

Wide Receivers— x-TIm Brawn, LOS Ange- 
les Raiders; x-Andre Reed. Buffalo; Irvlna 
Frvnr, Miami; Rob Moor*. New York Jets. 

Tackles — x -Richmond Webb, Miami; x- 
Bruce Armstrong, New England; Gary Zim- 
merman. Denver. 

Guards — x-Ketm shra, Miami; x -Steve 
wisniewskL Las Angeles Raiders; Duval 
Lovg, Pittsburgh. 

Centers — x-Demonttl Dawson. Pitts- 
burgh; Bruce Matthews. Hou s ton. 

TlgM Ends — x- Ben Coate* New England ; 
Shannon Sharp* Denver. 

Quarterbacks — x-Dan Marina Miami; 
John Elway, Denver; Drew Bledsoe, New 
England- 

Running Bada— x-Marshotl Faulk. India- 
napolis; x -Natrone Mean* San Diego; Chris 
Warren. Seattle 

Fullback — Leroy Hoard, Cleveland. 

Defense 

Ends — X -Bruce Smith. Buffalo; x-Lealle 
O'Neal. San Diego; Ned Smltti Kansas atv. 

Interior Linemen — x-Mfchaef Dean Perry, 
Clevela n d; x -Cortez Kennedy, Seattle; Ches- 
ter McGtockton. Las Angeles Raiderv. 

Outside Unebacfcers— x-Derrtck Thomas. 
Kansas atv; x-Greg Lloyd, Pittsburgh; Ka- 
rin Greene. Pittsburgh. 

Irald* Linebackers — x- Junior Scow, San 
Diego; Bryan Cox, Miami. 

Carnerbacks — x-Rod Woodson. Pitts- 


burgh; x- Terry McDaniel, Los Aneetes Raid- 
ers; Dale Carter, Kansas aty-' 

Stragg Safety — x-Comet) Lake. Pitts- 
burgh; Steve Atwater, Denver. 

Free Safety — x-Ertc Turner, Cleveland. 

SpedaBsh 

Pooler — Rick TUtm, Seattle. 

HoaUdnr — John Carney, San Diego. 

KMc R e tar d S gecialte l — Eric NtefcaH, 
Cleveland. 

Soariat Teamer — Steve Tariter, Buffalo. 

OMtanofes Starter) 

COLLEGE FOOTBALL 
Las Vegas Bawl 
UNLV 52. Central Michigan 24 


d tevteff; (Net Michael Trftechrr, Austria, 145,- 
(Its) Luc Atphand, 140; 7. Kletll-Andre Aa- 
madt, Norway 133,8, Guenther Moder,llD;V, 
AcMm -Voat, Liechtenstein 181; H, JaMf 
StrahL XXL 


MANDELA TROPHY ONE DAY MATCH 
Sri Laaica vs. South Africa 
Thursday, fa Moem tenf ol d. Seam Africa 
Sri Lanka IratUm: 2248 (50 over*) 

South Africa innings; 191 (ad Qut,4A5ave£', . 
Result: Sri Lanka won by 35 rum. 




ITALIAN CUP 
Ftaronttna 1, Parma 2 
IPorraa advances on 4-1 aggregate) 


m&m 

World Cup Rewrite 

MEN'S DOWNHILL 

Results of Friday* race an the 225-mita 
Oraiitar-KBIy course at VM V Hera wtlh o 
vort ical drag of 3JNS feet: 

1, Joset StrsM, Austria ) minute 57 JO sec- 
onds; Z Luc Alphond, Fnoica, 1:57X1; Z 
Guenther Modor. Austria. ) J7A7; 4 Patrick 
OrtdeU Austria, 1:5741; 5. Xavier Gteandet, 
Switzerland, 1:57.41; 4 Joon-UK Crwfter, 
Franco, 1 J7J1; 7, Werner P era thonor. Italy, 
1:5757; 4 WlUkun Bosm. Swlteortand, 
1;5 BjD 8; 9, Werner Fran*. Austria, 1:5839; 
(tie) Chrlstogho Pie, France. 1:9839 

Dvorak world Cun Stnwflnos (After five 
races): 1, Alberto Tomba Italy 250 points; Z 
Patrick Orffloh. 158; 1 Michael VgnGraenl- 
gen, Swttzertand M9; 4 Thomas PagdOASwu- 


BASEBALL 
American Loasee 

CLEVELAND— Traded Mark Lawt&ihorf- 
ston, to Cincinnati for Ttm Casta tnfletder. 
Agreed to terms wtth Denn(sCook,p)tc>wr,on 
1-year contrari. 

NEW YORK— Acaut rod Jack McDaweH, 
pitcher, from the While Sox for Keltti Hcfteri- 
tna. pitcher, cmda player ta be named. StgnM 
Tony Fonmta InfteMor, Jo 2-year can tract. 

TORONTO— Signed Danny Cox. Pttditr. to 
minor l e ague contract. Acaubed Scott Pace, 
pttchtr, from Florida to complete a Novem- 
ber trade ter Eddie Zotky- 

Nattoaat League 

CHICAGO-Agneod to term* wtlh Anihonr 
Young, pt trim-, an 1-year controct. 

CINCINNATI— Signed Hal Morris, Brat 
baseman, to 1-year co n t rac t . 

COLORADO— Stoned Joe Gratn, pitcher, to 
a mtnarteawe contract and Invited him to 
spring training as a non-raster player. 

LOS ANGELES— Designated Bon VanRva 
Jtfteher, ter assi gnm ent. 

PHILADELPHIA— Agreed to term# wOh 
Gregg Jefferies, toflelder, on 4-veor contract 
and Tommy Greene, pttchtr . to l-voor con- 
trad. Simd Curt SChimns, pltdier. to l4feor 
controct 


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SPORTS 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 17-18, 1994 


Page 19 



Double Debut: New Downhiller Wins Op 

Campikd by Om Staff n. J. 


Comptiedhy m ^ 

f SERE, France ~ 

Strobl of Austria marfp a 

stunning World Cup downhill 
oebut Friday, streaking out of 
8 late starting position to win 
trc opening men’s downhill 0 f 
the season. 

He raced in two giant sla- 

last year with a best 0 f 
19th, but this was his first ap- 
pearance in a World Cud 
do wnfall K 

Prefer the giant slalom 
but I haw a feeling my best 
results will be in downhill this 
year,” said Strobl, 20. 

61st, he finished 
the Oreiller-Killy course in 1 
mmute, 57.30 seconds. 

“I had a good start and went 
t® it, he said. **I a good 
nm despite a little mistake at 
the bottom.” 

France’s Luc Alp hand was 
second in 1:57.41. Third was 
Cmnther Mader of Austria in 
1 : 57.57, who edged his compa- 
triot Patrick Onlieb, 1:57.61. 

AJphand held the lead for 
more than an hour after start- 
ing I lib- 
it was the first time in the 
history of the World Cup that 
a skier has won the first down- 
hill he Has entered. 

It was just Strobl's third 
World Clip race and only 
Piero Gros and Gustavo 
Thoeni of Italy have done bet- 
ter. Each won the first World 
Cup race they started, Thoeni 
in 1969 and Gros in 1972; 
both woe giant slaloms at Val 
dTsbre. 

Strobl gained four medals 
in five races at the junior 
world championships in 1993, 
winning the giant slalom and 
getting a silver medal in the' 
downfall, and placing thirds in 
the super-G and combination. 

He had the best time in 
training Thursday. 

Ortlieb won the 1992 Olym- 
pic downhill in Val dTs&re but 
on a different course. He took 


ener 



Jcm-Loop Gflotitso/Agenoc France- Prtac 

Austria’s Josef Strobl made a s tunning downhill debut on Friday, waring from the 61st starting position to victory. 


the opening super-G of the 
season last week in Tignes. 

It was Alphand’s second 
consecutive top three finish — 
he was third in the super-G at 
Tignes. 

Despite Alphand's disap- 
pointment, it was a good day 
for the French, who had three 
mm in the top 10. 

Another downhill is sched- 
uled Saturday, and a giant sla- 
lom Sunday. 


“I am not going to do any- 
thing different,” Strobl said, 
looking ahead. “A top 30 fin- 
ish would be nice and a top 15 
would! be even better.” 

Alberto Tomba still leads 
the World Cup standings with 
250 points. He does not race 
the downhill but is expected to 
compete in the giant slalom 
Sunday despite a bruised rib. 

Ortlieb moved into second 
with 150 points. (AP, Reuters) 


Lack of snow and mild 
weather in most European Al- 
pine resorts forced the Inter- 
national Skiing Federation to 
reschedule men’s and wom- 
en’s World Cup events on Fri- 
day, news agencies reported. 

Two men’s slaloms, which 
were to have taken place in 
Madonna di Campiglio in Ita- 
ly and St Anton in Austria, 
w31 now be staged in the Aus- 


trian resort of Lech am Ari- 
beg on Tuesday and Wednes- 
day. A men’s giant slalom will 
be held Thursday in the Ital- 
ian resort of Alta Badia, the 
federation said. 

In the women's World Cup, 
a giant slalom scheduled for 
the French resort of Moraine 
now moves to Alta Badia on 
Wednesday. A women’s su- 
per-g, which was also set for 
Moraine, was not rescheduled 
(Reuters, AP) 


Baseball Owners Put Off 
Imposition of Salary Cap 

Teams Vote to Delay Move for a Week 


NHL’s 6 Cloak-and-Dagger’ Talks End After 2 Days 


By Joe Lapointe 

New York Tima Service 

■\ NEW YORK — The secret 
subcommittees in the National 
Hockey League dispute met 
again at a secret place. It was 
the second consecutive day that 
the two small groups talked 
without Gary Bettman or Bob 
Goodenow in. the room. 


“Real cloak-and-dagger 
stuff” said a union executive, 
whispering and asking not to be 
identified The talks ended late 
Thursday afternoon but could 
be reconvened on short notice, 
according to Arthur Pincus, a 
league spokesman. 

The delegations were in con- 
tact with Bettman, the NHL 
commissianes-, and Goodenow, 


executive director of the NHL 
Players Association. 

the negotiations were part of 
an attempt to end a lockout 
now 1 1 weeks old that threatens 
the oi tire season. 

No one on either side was 
willing to reveal -names. It is 
believed that the NHL delega- 
tion includes Jeff Pash, senior 
vice president and legal coun- 


sel, and Cliff Fletcher, presi- 
dent of the Toronto Maple 
Leafs; and that the union side 
includes John McCambridge 
and Bob Riley, two lawyers. 
There may be others. 

If there is no new collective 
bargaining agreement, in time to 
play a 50-game schedule and a 
full schedule of playoff games 
before July 1, Bettman has per- 


WOKKING TOGETHER By Manny Nosowsky & Bob Klahn 


ACROSS 
I Lindstromor 
Zadora 

4 Wand waver ’s 
word 

10 Starting 

14 Gazelle hound 

20 Du Manner's 

■Jamaica " 

21 Lean against 

22 Windsurfers’ 
mecca 

23 Confidentially 

25 Part 1 of a quote 

29 Sharif-Andrews 

movie "The 

Seed" 

30 Notices 

31 M-G-M founder 
Marcus 

32 Napkin bolder 

33 Guardian Angels 
founder Curtis 

34 Looks pooped 

36 Summer theater, 
sometimes 

37 Nauru export 

39 Quote, parr 2 

45 Horrified 

46 Housman’s was 
from Shropshire 

47 Jawbone source 

48 Withdraws, with 
■out" 

52 Clanton foe of 
1881 

53 74 McCartney/ 
Wings hit 


55 Save 

60 Author of the 
quote 

62 Someone else 

65 Valiant mate 

68 Cairo In "The 
Maltese Falcon' 

67 Quote, part 3 

78 Know, somehow 

72 Provider of 
sound bytes? 

73 Little wise one 

74 Supercfllum 

76 Hot time in Chile 

78 Engage in 
vote-swapping 

84 Where to take a 
kffld off 

87 Totaled 

90 Sartre novel 

91 Quote, part 4 

98 Lost City of 

the 

99 Ypsilanti’s river 

100 Albertville 
abodes 

101 Quote, part b 

103 Catch 

105 Auto racer 

Fabi 

106 Opulence 

107 Electronic 
monitors, for 
short 

108 A little butter 



109 Carllcahn 
company 

111 Buck 

112 Quote, parts 

122 Prop (up) 

123 Start of a child’s 
rhyme 

124 ToU rds. 

125 It means "high 
woods" 

127 Single Iqrer 

128 Fourth-down 
option 

129 Whodunit writer 
Grafton 

138 Criticize 
vigorously 

133 End or the 
quote 

139 Steroid, for 
instance 

140 Ballet bend 

141 Plumbifenxis 

142 Selected at 
random 

143 COlombus, tg. 

144 Attacks a sub? 

145 Camisole size 

146 Govt code grp. 

DOWN 

1 “The Gale Storm 
Show" co-star 

2 Bisected 

3 Iron deficiency 
problem 

4 By share 

5 Do-fa filler 

6 Cable staple 

7 Draw alternative 

8 Sandbox set 
member 

9 Last word of “A 
Christinas 
Carol" 

10 lntbeihickof 

11 Guff 

12 Paris accord 

13 Where Sibelius 
made his 
markkaa 

14 1994 EUe 
Macpberson 
film 

15 De novo 

18 Cornwall co. 

17 Lake of Lucerne 
canton 

18 Genghis's 
grandson 

19 Gas-pump 
platform 

24 Tit for tat 
perhaps 

26 Ravens' ravin's? 

27 Madras music 

28 Classic 20's auto 

34 Hang 

35 Cunning 

36 Pastoral plaint 

37 Austrian painter 
Klimt 

38 College in East 
Orange. NJ. 



mission from the 26 team own- 
ers to cancel the season. 

Although no “drop-dead 
date” has been set, it is logical 
to extrapolate from the man- 
date of the Board of Governors 
an Monday that an agreement 
is necessary within two weeks; 

Some of the best-informed 
executives and agents in the 
business were not briefed about 
the talks, suggesting an air of 
sensitivity and gravity to the 
issues bang discussed. 

If progress is made in these 
lieu tenant-level discussions, the 
full bargaining committees 
could be reconvened for formal 
sessions this weekend. 

Formal negotiations broke 
off on Dec. 6 in Chicago. 


By Murray Ghass 

New York Tima Service 

CHICAGO — Keeping their 
ultimate weapon bolstered for 
the second time in 16 days, ma- 
jor-league baseball dub owners 
have voted to delay for another 
week their decision to declare a 
labor impasse and implement a 
salajry cap. 

The decision, reached in a 25- 
to-3 vote on Thursday, was con- 
tingent on the union’s agree- 
ment to postpone two deadlines 
dealing with player contracts. 

Donald Fetix, the union 
chief, said from New York that 
he would recommend to the 
players' executive board that 
the union agree to the post- 
ponements. That would estab- 
lish the dubs’ deadline for im- 
posing their salary-cap 
proposal as Thursday. 

If there is no resolution of the 
strike. Bud Selig, baseball's act- 
ing commissioner said, “Next 
Thursday or Friday morning at 
12:01 A.M., the implementa- 
tion process will begin.” 

The owners’ vote Thursday 
gave the executive council, 
which Selig heads, the authority 
to implement the clubs’ final 
offer, the salary cap they pro- 
posed Nov. 17. 

Although Selig and John 
Harrington, chairman of the ne- 
gotiating committee, empha- 
sized that the owners acted sole- 
ly in the interest of negotiating 
an agreement with the players, 
the decision raised Lhe possibili- 
ty at least that the owners be- 
came concerned that if they had 
acted Thursday, they would 
have been declaring an impasse 
in the talks prematurely. 

When the dabs* negotiators 
left Rye Brook, New York, on 
Wednesday, they were in the 
middle of perhaps the most 
promising period of the talks 
since negotiations began six 
months ago. 

If the owners had declared an 
impasse Thursday, they might 
have strengthened the union’s 
challenge before the National 
Labor Relations Board. 

An employer can declare an 
impasse in talks any time he 
chooses, but he has to be pre- 
pared to defend the action in 
the face of a union challenge. 

The owners initially had 
scheduled the meeting to act on 
implementation for Dec. 5, but 
they emerged from a bargaining 
session on Nov. 30 and an- 
nounced that they had agreed 
to postpone the meeting for 10 
days to give negotiations addi- 
tional time to wank. 

At the time, it appeared they 
had acted at the urging of Bui 
Usery Jr., the mediator. But 


some management people since 
have suggested that the owners 
themselves wanted to delay the 
meeting and the vote. 

Although Usery said last 
week that implementation 
would be “very, very unfortu- 
nate,** Harrington said Thurs- 
day he had not asked the own- 
ers to delay their vote again. 

Sdig did not identify the 
three dubs that voted no, pre- 
sumably on the issue of imple- 
mentation not on a delay. 

Peter Angelos of the Balti- 
more Orioles was on record as 
saying he would oppose imple- 
mentation. The Toronto Blue 
Jays and the New York Mets 
wore believed to be the other 
two dubs with negative votes. 

The overwhelming majority 
of owners are eager to imple- 
ment the salary cap if the two 
sides are unable to reach agree- 
ment on a new collective bar- 
gaining contract But they don’t 
want to put themselves at risk 
legally. 

Fefar said it was positive that 
the owners were wuHng to con- 
tinue negotiations without a 
salary cap in place. 


He said the union would hold 
internal wMv»ringg during the 
weekend, then be prepared to 
resume negotiations Monday. 

Talks had been stalled on the 
union’s refusal to accept a salary 
cap or a luxury tax on payrolls 
that could act like a cap. The 
owners removed their latest tax 
plan, the one they made last 
Sunday in reply to a players’ 
proposal 24 hours earlier, from 
the table Tuesday in Rye Brook. 

But during a bargaining ses- 
sion late Tuesday into early 
Wednesday, the clubs’ repre- 
sentatives, for the first time, in- 
dicated that they might have 
some flexibility an the way they 
would lax payrolls. 

Thai idea caught the players’ 
attention, and the two sdes re- 
turned to talk Wednesday after- 
noon in a more hopeful manner. 

But while the union offered 
seemingly conciliatory ideas on 
elements of the owners’ reve- 
nue-sharing plan that is linked 
to a salary cap, it did not pro- 
duce a proposal the owners’ ne- 
gotiators said they expected 
and woe waiting for. 


SIDELINES 


Beckenbauer Assails 'Stupid Games’ 

BONN (Reuters) — The former German soccer star and coach 
Franz Beckenbauer said on Friday that forcing the German 
national team to play against nations such as Albania and Mol- 
dova was a slight. 

Beckenbauer called on UEFA, European soccer’s governing 
body, to end “these stupid games” and said smaller countries 
should play separate qualifiers in international competitions, 
allowing the “great” soccer nations to play against each other. 
Germany defeated Moldova 3-0 on Wednesday and faces Albania 
in on Sunday in a European Championship qualifying match. 

“When I think of international matches, I imagine dashes with 
the great nations — Italy, England, the Netherlands,” Becken- 
bauer wrote in the mass-circulation Btid newspaper. “But at the 
moment we have to wait two years before we meet these soccer 
greats. That’s why games against countries like Moldova are a 
slight to (he German national squad. They’re just stupid.” 

Chinese Track Coach Ma Has Cancer 

HONG KONG (AP) — Ma Junren, coach of China’s record- 
breaking women runners, has told a Hong Kong newspaper he has 
throat cancer. 

Ma, famed for his rigorous coaching methods and health potions, 
told the Eastern Express that doctors had ordered him to stop work. 
The newspaper quoted the coach, 51, as saying there had been no 
training for about a month. Ma’s runners dominated last year’s 
World Championships in Stuttgart and shattered the world 1,500- . 
3,000- and 10,000-meter records a month later in Beijing. 


For the Record 


The 1998 World 
billion francs ($277 
mg committee in Paris. 


has been provisionally set at 1.5 
ion) by the soccer tournament’s oiganiz- 

(AFP) 

Howard Schne&enberger of Louisville, 60, has agreed to a four- 
year, $2 million contract to be coach of the University of Oklaho- 
ma football team, television stations reported Friday. Oklahoma 
officials called a news conference Later Friday. (AP) 


© New York Times Edited by Will Shorts. 


40 “The Morning 
Watch* author 

41 Bewitch 

42 Corson's swam! 

48 "Rochet Man* 
John 

44 World chess 
champ. 196061 

48 Burr TiQstrom 
puppet 

49 Hoosier state 
Bower 

50 Eggycake 

51 Hit the dirt? 

53 Husband of 
Medea 

54 Count . 

55 Unload, so to 


58 Sylvia Plath title 

57 Flycatcher? 

58 N.F.L. dly; 

Ah hr. 

59 "Whoopee!" 

61 Charles, to 

Elizabeth 

63 Oilman-— 
Pickens 

64 Fell 

68 Easily angered 

69 Henry VI 


tieniyv; 

[bunded 


71 ShuteVA- 
Like Alice* 

75 Slap hard 


77 Rizzo Of 

‘Midnight 

Cowboy* 

79 Writer Godwin 

80 Like the futharic 
alphabet 

81 Peace NobeKst 
Arias 

SAncfcez 

82 Inclined 

83 Doesn't wear oat 

85 Long 

86 Elvis's record 
label 

88 Moses' burden 

89 Torrent 

91 * nuffl* 

92 J964 Murray 
Schtsgalptay 

SO Get a lode of this 

94 Sterile bee 

95 After a while 

96 Price twice 

97 Popular Civil 
War song 

102 Incase 

104 Miss Clare of 
"Bleak House" 

109 Old photo 

1 10 Technique 

111 Washington’s 
—Stadium 

112 Like most 
highways 

113 ToSandbutg,tt 
comes on little 
cat feet 


114 French painter 
Daumier 

115 National 
Cartoonists 
Society award 

1J6 It's put before 
Descartes 

1 17 Chopin's 

"Twelve Grand 


118 “WelT-financed 
grp 

119 Final notice 

120 Heraclitus, e-g. 

121 Authors Anya 
and Ernest 

122 Persian 

pOoh-bah 


126 Raskolnikov's 
love in 
"Crime and 
Punishment* 

128 Baseball's 
Alejandro 

129 Huff 

130 Hightail it 

131 Autobahn auto 

132 " a song . . 

134 D.D.E-’s Veep 

135 Bill's companion 

136 1941 Pulitzer 

winner Winslow 

137 The Eiger, eg. 

138 To Kill a 
Mockingbird* 
author 



Els Takes Lead 
In Last Event 
Of Golf Season 

Ernie Els of Sou lb Africa 
watching a shot on the 18th 
green during the opening 
round of the season-ending 
Johnnie Walker Wodd 
Championship in Montego 
Bay, Jamaica. Els, the 1994 
UJS. Open champion, shot a 
seven-under par 64 to take a 
three-stroke lead over Nick 
Faldo and Colin Montgo- 
merie of Britain and the 
American Mark McCum- 
ber. Els’s 64, which inducted 
a four-putt double bogey, 
tied the record for the 6185- 
meter (6,760-yard), par-71 
TiyaD course, where the 
event has been played 
since it began in 1991. 


Cbda tape/lte tmxattd Taa 


Solution to Puzzle of Dec. 10-11 



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Tet 0B/4O0 » 38 








Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNDAY, DECEMBER 17-18, 199* 


DAVE BARRY 


Into the Wild Blue Yonder 


M; 


IAMI — Here’s what I want you to 
A.TJL.do: Open your mouth wide, wow 
take your index, finger and stick it 
WAAAYYYY down your throat and hold 
it there until your digestive system is m 
Violent Reverse Thrust Mode. . 

Congratulations! You’ve just “pat- 
enced what it feels like to fly m a fighter 
jet I know this because I recently went up 

in a high-performance Air Fence F-10 
filter equipped with an extremely power- 
ful gngfrie, sophisticated electronics, spec- 
tacular aerobatic capabilities and —thank 
God — a barf bag. 

There was no beverage cart service. 

The way I got into this was, I spoke at a 
banquet for personnel at the Homestead 
(Florida) Air Reserve Base, which is slowly 
recovering after having had large sectors of 
it blown into another dimension by Hurri- 
cane Andrew. A banquet organizer had 
that I might want to go up in an 
F-lSTand some friendly fighter pilots from 
the 93d Fighter Squadron convinced me 
(there WAS beverage service at this ban- 
quet) that this would be a lot of fun. 

□ 

I was feeling brave when I arrived at 
Homestead Air Reserve Base, ready for my 
preflight training. Friendly Air Force per- 
sonnel got me a flight suit; while I was 
pittin g it on in the locker room, 1 noticed 
that there was a little gold plaque over each 
urinal, each saying something like MA- 
JOR GENERAL [Name] RELIEVED 
HIMSELF HERE SEPT.9, 1989 ” Then I 
noticed similar gold plaques over the sinks. 
Then I saw a plaque on the washing ma- 
chine, reading: *T* HE ENTIRE 906TH 
TACTICAL FIGHTER GROUP RE- 
LIEVED THEMSELVES HERE 
MARCH 8, 1991” 

Fighter pilot humor. 

Next I underwent an hour of egress 
tr aining , which is when you learn how you 
get out of the airplane if something goes 
wrong (“although probably nothing will," 
they keep telling you). How you get out is: 
very, very fast. In fact, your seat is actually 
a small but powerful rocket that will blast 
you 900 feet straight up if you yank on the 
yellow handle between your legs, but 
you're supposed to do this only if the pflot 
yells BAILOUT BAIL OUT BAIL OUT 
— he has to say it three times — and you 
definitely want to have your head back 
when you yank it unless you want your 
kneecaps to pass completely through your 
eye sockets, which would be bad because 


you need to check to make sure ' 

chute has deployed, because if ithasn t you 
should yank on this other yellow lever over 
here, and if you're coming down over wa- 
ter you need to inflate your life preserver 
by pulling on these two red knobs, but first 
you have to get rid of your oxygen mask by 
pressing outward on these two metal tabs 
and yanking the mask forward and . . • 

□ 

After egress training, the pilot. Major 
Derek Rydholm, gave me a preflight brief- 
ing in which he demonstrated, using a 
blackboard eraser, some of the aerial ma- 
neuvers we’d be doing. 

“We’ll be simulating an attack situation 
like this,” he’d say, moving the eiper 
around in rapid little arcs, “we’ll be feel- 
ing some G-forces." . . , 

I now realize that, right after we left the 
briefing room, the eraser threw up. 

Actually, my F-16 ride went pretty well 
at first Sitting behind Derek in the two- 
person cockpit, I felt nervous,, but my 
physical discomfort was fairly minor. 

Then we took off. 

We took off with afterburners. Then we 
made an unbelievably sudden, violent 
righ t turn that made me feel like a clove in 
a giflji t garlic press and separated my stom- 
achfxom the rest of my body by at least 
two football fields. 

After that we did attack maneuvers. We 
did rolls. We broke the sound bamerand 
then flew straight up for three miles. Then 
we flew upside down. My stomach never 
caught up with us. It’s still airborne over 
the Florida Keys, awaiting landing instruc- 
tions. Here's the conversation Derek and I 
had over the intercom: 

DEREK: That’s called an aileron roll. 

ME: BLEAAARRGGGHH. 

DEREK: You O. K. back there? 

ME: HCXKKjGGGHHHH. 

I'm not saying it wasn’t thrilling. It was. 
I am deeply indebted to Derek Rydholm 
and the 93d Fighter Squadron and the 
entire U. S. Air Force for enabling me to 
be among the very few people who can 
boast that they have successfully lost their 
lunch upside down at five times the Earth’s 
gravitational pulL And despite my discom- 
fort I can honestly say that if I ever get a 
chance to go up again. Til let you go 
instead. Although you probably won’t get 
to ride in the plane I used I think they had 
to burn it 

Knight-Rldder Newspapers 


Sellars’s Shakespeare, a Modem 



International Herald Tribune 

P ARIS — What news on the Rialto? 

Quite a lot, since Peter Sellars is in 
charge. Shylock asks this famous question 
over the t&$boae and it is later reprised 
by Salanio and Salarino as newscasters. 
Venice is now Venice, California, and 
Belmont where the rich live, is Bel Air. 

Portia, who lives in Belmont is a Chi- 
nese- American who probably led her 
class at business school. Bassanio, her 

MARY BLUME 

fortune-hunting suitor, is Latino and so 
is Antonio, the merchant who is also 
Bassanio’s lover. Shylock is black, the 
judge is white. There are videos and a 
touch of rap but the production, Sellars 
says, is exactly as Shakespeare saw “The 
Merchant of Venice”: a disquieting view 
of an exploitive society where everyone is 
out for the mam chance without being 
certain what that chance is. 

“By the time these people have lied to 
each other so many times, who can trust 
whom, whom do you believe at the end? I 
think Shakespeare’s point is once you’ve 
tolerated a certain level of social injustice 
and have been able to lie in court — he’s 
so sharp with this, nobody ever lies com- 
pletely, they just don’t tell the truth! — 
you have shu 





“Classics step out of their time,' 5 Peter Sellars says. 


Z 


ut down that corner of your 
teart that is really empathetic and de- 
sires social justice. Once you novacaine 
that part erf you, it doesn’t bode well for 
your marriage either." 

The reconciliation of the young 
spouses at the play’s end is a misreading, 
Solars says: this play is no comedy. 
“This is a guy who knows how to write 
happy endings, this is a guy who can say 
‘If we shadows have offended, think but 
this and all is mended,’ this is the guy 
who knows bow to send audiences out of 
the theater happy, calm, who can open 
up the biggest heart in the world and 
create a sense that we’ve been through 
hdl but now it’s going to be O. K." 

Instead, says Sellars, Shakespeare de- 
liberately ends the play at the darkest 
hour of the night, his characters eaten by 
self-destructive pain. One can argue about 
his Shylock — though he is played with 
irony and grace by Paul Butler — that to 
malcB the Jew black is to diminish two 
very different historic tragedies by equat- 
ing them (and on this point Sellars is more 
ilausible than convincing), but perhaps 
best interpretation is of Shylock’s 


pla 

nig 


daughter, Jessica, usually a dead-end role. 
In Sellars's view she is an airhead runaway 
who really thinks she will find acceptance 
outride the ghetto by robbing her father 
amt betraying her faith, finding only fur- 
ther h umiliat ion instead.. 

“How did it feel to kill your father?" a 
clever high school student asked the ac- 
tress who plays Jessica in Chicago, where 
the play opened before leaving on a Eu- 
ropean tour. Sellars organized many Ru- 
minating post-performance talks with 
students and hopes to film his “Mer- 
chant of Venice" for use in high schools. 
His adult audiences in Chicago for the 
most part walked out. Sellars says the 
midterm American elections, which took 
place while they were in Chicago, con- 
firmed his reading of the play. 

“Everything that that election ex- 
pressed was out in the lobby and looking 
for their car during the fifth act," he said 
laughing. Only his Shylock, Antonio and 
the judge are of a certain age; the others 
are in their 20s and Sellars feels audi- 
ences were rejecting their responsibilities 
to the young. 


“I am very impressed how you can 
convince people to vote agains t their 
children’s health and education and for 
advancing the profits of the top 4 percent 
of the population,” he said heavily. “It’s 
just incredible to me.” 

Sellars has been praised for making 
Shakespeare meaningful, a ghastly way 
of patronizing them both. It is a lot 
simpler: Sellars regards Shakespeare as a 
modem playwright. 

“That’s the definition of a classic, 
so mething that is not a classic has to be 
treated only in the context of the mo- 
ment when it was created. I wouldn’t 
treat an opera by Paisiello the way I 
would treat an opera by MczarL I t h i n k 
Ben Jonson would need all the bric-a- 
brac of the contemporary scene to make 
his presence felL" 

The classics, he says, deliberately step 
out of their own time, creating anachro- 
nisms. “Shakeapeare goes out of his way 
to create a situation that for him was not 
an historical setting and so I feel obliged 
to follow the same strategy when pre- 
senting him.” 


Seflmre’s productions are always mtd- 
lieent, often uneven, unremittingly bold. 
His great contribution may turn. out to 
SwTcuriositY- his wish to listen, wheth- 
£ or±e bard.“I think of 4c 

‘sense — what is culture but , 
^SaSSaiion with your ancestors. 
fS one of the most ctatogmg^ 
erf daily life is to know what 
and where to innovate, how to create a 
SoSwbetwe® the old and new so it’s 
^^obliteration of one or the other. 

“With Shakespeare of Mozan the 
original is available — it* n6t 
wipedthe play away, anybodycan pickit 
up and see what they make of it. But at, 
least I've created something^ which 
means they do pick it up again, that they 
read it with a new type of concentration 
and find things they may not have, no- 
ticed the last time they read it. . 

He likes applause, as who doesn't, but 
even better he likes debate. ^To me, 
democracy is about the discussions, all 
we’re trying to do is say can we keepM 
talkin g." For this reason ti k lack of sen- 
ous debate in the United States terrifies 

him. ' 

“To me, politics and art are the same — - 
let’s bear from more people. I make shows 
that people have to talk about You can’t 
just go out and say that was very nice, 
what I find fascist is everyone has to say 
it’s a success, everyone has to say it s a 
failure, everyone has to laugh or cry attic 
same time. I love it in my shows that one 
person will Laugh and someone else war 
say, Ssshhh- it’s serious. 

“And I deliberately have on stage too 
much in formation all night long which I 
think is a strategy of Shakespeare. He 
loads those speeches with more thanyou 
can possibly take in exactly because no 
two people would hear the same thing” 
If people boo one of his productions, 
Sellars does not take it as rejection. “For 
me the problem is total acceptance, file 
and forget. While if something sticks in 
your craw — accept that — you know 
you’ve stuck a nerve.” 

This not to say that the sound of 
audiences stamping out doesn t wound. 
“People have been leaving my shows in 
> numbers since I was 16 years old 
it never stops hurting. By now ! 


would ^ink Td be totally inured to it, 
that Td say fine, let them go. But you 
never get hardened to it because all you 
want to do is talk to people.” 


WEATHER 


PEOPLE 


Europe 



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Forecast tor Sunday through Tuesday, as provided by Accu-Weather. Asia 



North America 

New York City and Washing- 
ton. O.C.. may hove some 
snow or Hurries Sunday- 
then Monday and Tuesday 
will be dry and cold. Flumes 
are posoWe m Chicago and 
Toronto Sunday and again 
Tuesday, with dry weather 
Monday. Los Angeles w* be 
dry through the weekend 
and Monday. 


Europe 

London will have some 
showers Sunday, ihon cool 
and gonorally dry weather 
early nexi week. Showers 
writ spread ocross poraona d 
France and Germany late 
Sunday into Monday. Spain 
wfl have a coring trend, and 
unaware are possible in Italy 
early next week. 


Moa«v 

Snow 


Asia 

Some rain la possible in 
Tokyo oarty next week while 
generally dry and cool 
weather prevails from Korea 
10 Hong Kong. Most of 
Southeast Asia will also 
have dry weather. A fow 
widely separated showors 
wfl dot the PhBppues. Mora 
numerous showers wfi occur 
over Malaysia. 





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I N a surprise victory, Robert RedfonTs 
“Quiz Show” beat Quentin Tarantino’s 
“Pulp Fiction” to take the 1994 best pic- 
ture award from the New York Film Crit- 
ics Circle. “Pulp Fiction" was rapped as 
best picture earner this week by the Los 
Angeles Film Critics Association, which 
also gave it awards for best screenplay and 
best director. Paul Newman won the New 
York critics’ award for best actor for “No- 
body’s FooL" Linda Fiorentino won best 
actress for “The Last Seduction." 

□ 

The Duchess of Yolk’s daughters. Prin- 
cess Beatrice, 6, and Princess Eugenie, 4, 
are moving to the exclusive Ccworth Park 
School in Surrey, not far from the Sun- 
ninghill Park home of the duch ess’s es- 
tranged husband. Prince Andrew. 

□ 

The on-again, off-again relationship be- 
tween Melanie Griffith and Don Johnson 
is on again. So says Griffith in a TV Guide 
magazine interview: “We’ve gone through 
hell this year. But everything is fine now." 
□ 

Noa Coward did a stint as a British spy 
in World War II until his superiors decided 



71k Associated Pffli 

Noel Coward: A stint as a spy? 

be would be more useful entert ainin g the 
troops, the Spectator magazine says. Cow- 
ard became involved with the semi-private 
“Z" organization, and then moved to MI6, 
the foreign intelligence arm of the British 
Secret Intelligence Service. 


A sexy ad for the film “Ready to Wear 
(Prfct-k-Porter)" featuring supennodd Hel- 
ena Christensen has sparked a fight be- 
tween Miramax Films and the U. S. movie 
rating agency. The Motion Picture Associa- 
tion of America has said it would puS the 
Robert Altman film’s “R" (restricted) rating, 
if the company used the ad in which Chri£ 
tensen is lying on her stomach with her bad 
covered with boa feathers but with her side, 
uncovered. The photo appeared in a Colum- 
bia Records ad to promote the film's sound- 
track and included a ling saying “See the 
movie.” The rating agency says the phrase 
turned the print spot into an ad for the 
movie. 

a..;-/ 

The seat left vacant by the late play- 
wright Engine Ionesco in the Academic 
Francaise is still vacant. Neither the histo- 
rian Jean Farier, with 9 votes, nor Profes- 
sor Yves Potrfiquen, an ophthalmologist, 
with 7 votes, won the necessary' majority of 
the academy’s 30 voting members to be- 
come an “ immortal. ” Fourteen of the bal- 
lots were marked with a cross, signifying a 
strong objection to the candidates. 




With AT&T USADirect* and 
World Connect*' Serrice. you can make 
multiple calls without redialing 
your card or access number. 

You’re in a hum 1 . So we’ll be brief. AT&T USADirect and 

World Connect Service gets you fast, clear connections 

back to the United States or to any uf over 190 other 

countries. Also, an easier way to make multiple calls. 

Up to 10 in a row. Just dial the AT&T Access Number 

below for the country you're calling from. Your call 

will go through in seconds. Then, instead of hanging 

up after each call, busy signal or unanswered call, 

simply press the # button. Now you're ready to make 

the next call. In short, make the most of your limited 

time. Spend less time dialing. And more time talking. 


ASIA /PACIFIC 
AUSTRALIA .. 188W81-IH1 

CHINA, PHD*" 10811 

HORS KONG . . .800-1111 
INDIA*. . . • 080*117 

INDONESIA* . 001*801*18 

JAPAN'.. .8080-111 

KOREA . . 008-11 

MACAO . . . 0800-111 

MALAYSIA* 800-0011 


NEW ZEALAND tW -911 

PHILIPPINES- 105-11 

RU8SIA m (M0SC0W) ..155*5842 

SAIPANT 235*2872 

SINGAPORE 800-0111-111 

SM LANKA 

TAIWAN* - 0080-10288-0 

THAILAND* 0019 -S 91 - 11 H 

EUROPE 

ARMENIAN ...... 0014111 


AUSTRIA'** 022*083*011 

BELGIUM- . O-Sn-IOft-10 

BULGARIA OQ-1000-0010 

CROATIA" 88*38*0811 

CZECH REPUBLIC .80*420-80101 

DENMARK* 8801*0010 

FINLAND’ 0800*100*10 

FRANCE ’ 100*0011 

GERMANY .0130-8010 

GREECE- .00-880-1311 


HUNGARY* . 000-806-01111 

ICELAND*. 000-001 

IRELAND 1-808-«fl*Wt> 

ITALY* 172-1011 

LIECHTENSTEIN* 155-00-11 

LITHUANIA* BMW 

LUXEMBOURG 0-300-0111 

MALTA 0800-800-110 

MONACO*. 100*0011 

|®HIRLAIfflS*.-...08-e22-*in 


NORWAY . . . 800*190*11 

POLAND” 1 . 00010-480-8111 
PORTUGAL' . . 05017-1*288 
ROMANIA 01*800*4288 

SLOVAK REP.. ..80*428-00101 
SPAIN- 90049-09-11 

SWEDEN* . .. . 020-795-811 
SWITZERLAND-. .155-00*11 
UKRAINE** . . 80100-11 
U.X. . . .0508*80*0811 


MIDDLE EAST 

BAHRAIN . . . 800-001 

CYPRUS* 06040010 

EGYPT (CAIRO)' . .510*0200 

ISRAEL 177-100-2727 

KUWAIT . .BOO-2B8 

LEBANON IBBRUTV .428-001 
SAUDI ARABIA. . . ..1-800-10 

TURKEY* 00-800-12277 

U ARAB EMIRATES- 800-121 


AMERICAS 

ARGENTINA* . OOl-BOO-MO-im 
B0LMV. . .0-600-1112 

BRAZIL . 000-8010 

CANADA 1-000-575-2222 

CHILE* . MA-D312 

COLOMBIA 980-11-0010 
BL SALVADOR'.* 190 

HONDURAS'.. . .. .128 

Mexico™ kbhmu-cao 


PAIUMAb, 

. 108 

PCTU»* 

191 

VENEZUELA-.. 

. . 80*011*128 

AFRICA 

GABON' 

. . dog- ran 

GAMBIA* 

00111 

IVOHY COAST 

00*111*11 

KENYA* . 

0800-10 

LIBERIA 

. 797-797 

SOUTH AFRICA 

0*808*99-0123 


TrueWorld' Connections 



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